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    • Hairybhoy
    • By Hairybhoy 8th Aug 18, 4:03 PM
    • 4Posts
    • 1Thanks
    Changing mortgages error
    • #1
    • 8th Aug 18, 4:03 PM
    Changing mortgages error 8th Aug 18 at 4:03 PM
    We have just swapped our mortgage from The Leeds to Natwest as our fixed rate term came to an end and we got a better deal with Nat West.
    In March we phoned the Leeds to them to give us the final balance at the end of our fixed rate term. They told us the final balance would be 186294
    72. We gave this figure to our brokers and we proceeded to take out our new mortgage for 190000, everything was in place and we were expecting almost 4000 back when the new mortgage went through, this would have been money to decorate the house, do some bits and pieces and have a little holiday. You can imagine our horror when we received a phone call from the broker saying there was a shortfall of 106 and the mortgage had not gone through, it went through 5 days later but cost us a 250 due to daily interest charges.
    The Leeds have admitted they gave us the wrong end of term balance and have offered to reimburse the 250 plus 100 compensation.
    Should we accept this offer, or should they be giving us a little bit more.
Page 1
    • zx81
    • By zx81 8th Aug 18, 4:07 PM
    • 20,688 Posts
    • 22,120 Thanks
    • #2
    • 8th Aug 18, 4:07 PM
    • #2
    • 8th Aug 18, 4:07 PM
    That's a decent offer. You're up on the deal.
    • Thrugelmir
    • By Thrugelmir 8th Aug 18, 4:12 PM
    • 62,101 Posts
    • 55,286 Thanks
    • #3
    • 8th Aug 18, 4:12 PM
    • #3
    • 8th Aug 18, 4:12 PM
    Should we accept this offer, or should they be giving us a little bit more.
    Originally posted by Hairybhoy
    For what? You've been reimbursed for your "loss" plus received compensation for incorrect advice.

    I'm surprised your solicitor didn't contact you rather than your broker. As they would have obtained a formal settlement figure. In order to effect the remortgage.

    Though if you were obtaining additional funds, i.e. 4k. Why was there a shortfall of 106. Doesn't appear to add up.
    "You get recessions, you have stock market declines. If you don't understand that's going to happen, then you're not ready, you won't do well in the markets." - Peter Lynch
    • sparkey1
    • By sparkey1 8th Aug 18, 7:59 PM
    • 439 Posts
    • 198 Thanks
    • #4
    • 8th Aug 18, 7:59 PM
    • #4
    • 8th Aug 18, 7:59 PM
    You have done very well out of that. Normal procedure is for your solicitor to confirm an amount for settlement and that has to be cleared off usually within a 5-7 day window.
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