Mortgage query

davidmcn · 8 December 2019 at 6:16PM

JK33 wrote: »

Of course that money has gone to the lender

No, it never went to the lender. It was sitting in your mortgage account all along. All they've done is move it from your mortgage account to your current account.

they are making money on my mortgage every day

If anything they've probably been making less money because they haven't charged you interest on the £182.50

I was blissfully unaware of this mistake until they told me

Yes, and if they hadn't bothered telling you, all that would have happened would be that at the end of the mortgage you'd have £182.50 less to repay.

ACG · 8 December 2019 at 6:39PM

JK33 wrote: »

If the bank has made a mistake why can’t they compensate me for £182.50 instead of adding that same amount to my mortgage account? I don’t think anyone is seeing it the way I see it. Of course that money has gone to the lender, they are making money on my mortgage every day. They have given me back money I have overpaid through THEIR mistake, not mine, I was blissfully unaware of this mistake until they told me. Yet they’ve added that amount to my outstanding mortgage account, so I still pay for their mistake. It is totally wrong and they should pay the £182.50, not add it to my outstanding balance. These fat cat bankers have got away with wrong doing for far too long. So in my case they never lose at all, yet I will/do.

THEY made a mistake. They told you about it and asked you if you would like the money back or to leave it where it is. Have you never made a mistake before?

Going off your reasoning if they had not spotted the mistake for 20 years and you had overpaid by £10k they should then pay you £10,000 compensation by leaving your account as it is and refunding it?

Nobody is seeing it your way because you are saying you want your cake (smaller mortgage balance) and to eat it (money refunded to your bank account).

It is pretty clear you just want free money for what was a £200 mistake over a few months/years. It has not caused you any harm and you were actually benefiting from their mistake. I think this thread could turn into one of those where we all disagree and you still think you are in the right - so before I waste any more time, I will bow out.

Good luck. Make a complaint, you might get £25-50 as a goodwill gesture but I cant see how they will give you £180 for putting right what is a relatively small mistake in the grand scheme of things.

JK33 · 8 December 2019 at 6:47PM

As it was THEIR mistake by their own admission, they should give me back my overpayment which they have done but not charge it to my outstanding mortgage account because it was THEIR mistake. To resolve this, they should not add it on to my outstanding amount because I’m paying for THEIR mistake. They’ve added £182.50 on to my outstanding balance in the blink of an eye yet when I complete a mortgage application my credit is checked, my finances are under scrutiny but when they’ve made a mistake they can just add £182.50 to my outstanding amount. No jumping through hoops then is there to be approved for lending?

JK33 · 8 December 2019 at 6:51PM

And before you all quickly reply with a view I’m thick and I don’t understand or I’m looking at it in the wrong way, I can assure you I’m not. Intellectually I have a PHd and i work in the financial sector. And yes of course I want the banks to lend me money but when they do, they sit pretty earning loads of money from me borrowing from them so £182.50 to them is a drop in the ocean. I firmly believe we shouldn’t just roll over, we should fight for what we believe in when we know something is wrong

FtbDreaming · 8 December 2019 at 7:01PM

So they offered for you to leave it on the account or have it back. You chose to have the money back. You cant expect them to leave it on the account too. Then you'd be £182.50 better off than the start.

Youve had a little bit of spare money back before xmas that you wasnt expecting. Your mortgage balance is what it would have been had you never paid the £182.50. Just chill out theres bigger things in life to worry about.

gozaimasu · 8 December 2019 at 7:06PM

Make a complaint, asking for £182.50 in your bank account plus £182.50 taken back off the mortgage balance. Accept £25-£50 compensation when they offer it.

Not sure why you've come on here first instead of complaining to them directly.

davidmcn · 8 December 2019 at 7:09PM

JK33 wrote: »

I have an online business and if I overcharge a customer I ‘take the hit’ of how much I have overcharged them

So if a customer paid you £182.50 too much, you'd refund the £182.50 - and then pay them another £182.50 on top of that? Really?

ACG · 8 December 2019 at 7:11PM

No hoops to jump through because they are not lending you more money. You overpaid, they gave you the over payment back. As already mentioned, you are in the exact same situation you would have been had the mistake not happened. Let that sink in.

I am not going to sit here and call you thick, I would like to think we are all adults here. But you are not paying for their mistake. Nobody is paying for their mistake - does somebody have to pay for it?

getmore4less · 8 December 2019 at 8:13PM

ACG wrote: »

No hoops to jump through because they are not lending you more money. You overpaid, they gave you the over payment back. As already mentioned, you are in the exact same situation you would have been had the mistake not happened. Let that sink in.

I am not going to sit here and call you thick, I would like to think we are all adults here. But you are not paying for their mistake. Nobody is paying for their mistake - does somebody have to pay for it?

They are actually in a better situation because they were charged less interest while those overpayments sat in the account.

They did lose any interest they may have had on the money in their own savings account.

What is surprising for someone who claims to be financially competent they did not check the amounts involved..

Mortgage query

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