Possible Mortgage Claim

chiefy87 · 28 March 2018 at 5:00PM

hi all. New to forums.

Ive just returned from seeing an independant mortgage advisor whos setting me up a new mortgage deal after a 10 year fixed rate!!!

Since coming home its only really just sunk in. With the interest rate ive being paing over 10 years ive paid in roughly £75000 but only have around £10000 in equity.

I was a young nieve 20year old when I signed up for a 40year mortgage so my question is:

Do these figures seem right

I know banks dont give a hoot about fairness but ive come home feeling like ive been paying !!!! turpin for the last 10 years.

Any and all advice/ comments will be appreciated

Thanks

Nasqueron · 28 March 2018 at 5:33PM

A 10 year fixed rate deal at 5%+ is poor yes but the bank would offer only what they sold, if you had gone to an IFA back in 2007 they might have got a better deal (or if you did, perhaps that was the best they could have expected)

Generally yes with loans you pay off a lot of interest early on and don't repay capital. You will not get anywhere with a request for a refund of payments or them offering you an expensive mortgage

dunstonh · 28 March 2018 at 6:07PM

I know banks dont give a hoot about fairness but ive come home feeling like ive been paying !!!! turpin for the last 10 years.

That is a silly way to look at it.

You bought a mortgage at a time when interest rates were expected to rise. You instead went for certainty of payment (which is all a fixed rate does). You got that certainty of payment.

Had interest rates gone to 7% would you be moaning now?

You got the product you bought and agreed. You were unlucky on timing but it could easily have been a very good decision. Such as the time when mortgage rates went into double digits.

A 40 year mortgage pays off much more slowly than a 25 year mortgage or a 10 year mortgage.

selight07 · 25 April 2018 at 11:33AM

Hi Everyone,

This is my first ever forum post and I am hoping someone may be able to help me with a missing mortgage account number!! .

I had a mortgage with Abbey National back in the 90's for about 5 years and can not find any paperwork to locate the mortgage account number. I have gone to Santander and asked them to search for it but they have no records at all and say they can not check if I had PPI.

Does anyone know where else I may be able to find it.....excluding searching through the loft for a bag of paperwork.

Thanks

Sacha

dunstonh · 25 April 2018 at 12:02PM

This is my first ever forum post and I am hoping someone may be able to help me with a missing mortgage account number!! .

Its usually best to start a new thread asking your question rather than taggin your question on to the thread of someone else with a completely different scenario.

Does anyone know where else I may be able to find it.....excluding searching through the loft for a bag of paperwork.

You and Santander are the only ones that know. Santander may not know if you repaid it long ago. Also, be aware that most MPPI was monthly premium standalone. So, frequently, it does not appear on the mortgage paperwork. It is one of the reasons most MPPI complaints fail and you can still buy MPPI today (unlike other types of PPI).

Possible Mortgage Claim

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