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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.

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