Results 1 to 5 of 5

Thread: Bank Has Advised I Am Due A Refund On Redeemed Mortgage

  1. #1

    Bank Has Advised I Am Due A Refund On Redeemed Mortgage

    I wonder if anyone can offer any advice. I recently received a letter from my old Mortgage provider advising that whilst I was paying my repayment mortgage on a tracker rate that the amount the bank initially advised I had to pay was not corrected when the interest rates dropped in 2008/2009. As such they have written to say I am due a refund on the over payments made plus 8% SIMPLE interest as compensation. I have asked them for a breakdown of how they have calculated the refund figure but despite them offering me many figures over the phone, they decline to send me anything in writing that I can cross reference against my paperwork. My questions are:
    1. Am I entitled to see a copy of how they have calculated the refund?
    2. Is 8% simple interest a fair representation of of compensation?
    3. Do I have any other recourse against the bank or does anyone know of anyone who has approached this a different way.
    My concerns stem from that had I been made aware of the over payments then I would have reduced the payments and been able to enjoy the extra money each month and possibly used it for a holiday or an investment I would ordinarily have not taken for which I could now be benefiting from. The period of over payments stem from 2008 up to 2016 and relate to the majority of that period paying 4% over and above the rate should have been. Any advice or help would be greatly appreciate. Many thanks.

  2. #2
    TBH I think most of us would be delighted at an unexpected windfall, take the money and move on.

    Point 3 suggests you are after compo.

  3. #3
    Have you lost an arm or a leg?
    Have you been disabled in any way?
    Have you lost earnings because of this?

  4. #4
    That's a long time + 8% is amazing! What is the total value of your claim back?

    I wouldn't ask for anything more, the bank has been upfront and honest with you

  5. #5
    It's the statutory interest rate that you would be awarded if making a claim through the courts. Likewise it is calculated using the simple not compound method. By paying you interest at this rate. Your old lender has discharged their legal obligation.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts