Mortgages with Abbey National

Rawlie

My dad took out a mortgage with Abbey back in 85, around 1990 my dad did not alter his standing order sand the interst rates had gone down and therefore my dad was ahead with his mortgage. He soon recievevd a letter from Abbey National stating that at this rate his mortgage would be paid up in 10 years (2000). He was made redundant in 1992 and later recieved a letter more recently saying that his mortage had til 2026 til it was paid up even tho he had still been making the same payments since1985. For three years after he was made redundant His mortgage payments were just enough to cover the interest. He is now at a position where he cannot understand that his mortgage is now at a term til 2026, his question is what has changed to add 26 years on. Affectively adding a mortgage on top. He is still making payments but is desperate to get this resolved.

silvercar

Time to dig out the annual mortgage statements and see what they say.

Sounds like his payments were the same whatever the interest rate. At times of low interest rate he was overpaying at times of high interest rate he was only covering the interest with no capital repayment.

Rawlie

Thing is they have stopped his annual mortgage statement.

silvercar

Ask then for an explaination, it maybe that he took payment holidays and then extended the mortgage term.

Whatever the reason it will be on their computer, so going into a branch should sort it.

Trying_to_be_good

And ask them to send an annual mortgage statement or he won't know where he stands in the future.

Rawlie

CAB have advised him to go to the ombudsman.