misinformed

R

roridge

Guest
i paid lump sum off mortgage and went from var rate of 5.59 to tracker rate of 4.95 ,reduced term of mortgage and was told repayments would go down by approx 20 euro.recieved letter stating my total monthly repayment including trs.Today i got phone call saying they had calculated my trs on original amount and that my repayment would be 60 euro more each month.I had asked on several different occasions about my repayment amount and was given told it would be less than i had being paying,since tax relief is given at source by lender and any adjustment is made automatically by lender i do not understand how this mistake was made and has anyone any advice for me,i was expecting call from lender today but suprise suprise did not get one.where do i stand legally
 
misinformed
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Banks sometimes make honest mistakes. Have you really been inconvenienced to the extent that you need to start looking at your legal standing on this matter?
 
i used my redundency money to make this payment cannot afford extra 60 euro every month i was told my repayments would be 20 euros less made sure of this before i made payment and now being told because of mistake on lenders part i will have to find an extra 60 euro honest mistake or not this mybe only figures to lender but my home is at stake ,i am the one who takes the fallout for their mistake do you really think this is fair
 
I would say legally you signed up to pay the mortgage over x years at x rate, a mistake in their calculation of your TRS is only that, a mistake, it doesn't affect the agreement you had with them.
 

Can you re-negotiate the term with them as ultimately that is the only way the problem can be sorted?
 
Can you post details of the before and after mortgage situations (amount, term, rate)? Did you explicitly reduce the term or just agree that the capital repayment would reduce the effective term? Basically if you didn't explicitly reduce the term and sign a new agreement then you can probably just reduce your monthly repayment by agreement to extend the term back within the constraints of the outstanding term remaining (if you can get what I'm saying in a convoluted manner here... ).

Since you have knocked a chunk off the capital could you save a few bob by getting a replacement mortgage protection life assurance policy for a lower amount?

Mortgage Protection and Mortgage Repayment Protection Policies
 
my mortgage was originally taken out over 20 years i paid 60,000 off it and reduced the term to six years.Not being a gambler i was very careful to ask about repayments and indeed have letter from lender stating my revised monthly repayment plan dated from 25/01/08 amount 788.66 trs credit 98.84 which gave total monthly repayment of 689.82. Today i get a call to say it is now 754.49 even though i have letter stating my repayment is 689.82 .Needless to say this is a huge deal to me but just clerical error to lender
 
Such letters often have "E&OE" (errors and omissions excluded) or something similar to cover the sender for mistakes such as this. Is this the case here? To be honest I would be surprised if you have any come back but since it's a problem for you you should put a formal complaint in writing to the lender and go through their complaints process. If you get no joy then get a "final response" letter and take the matter to the [broken link removed].
 
thanks for advice letter doesnt have e&oe on it i will send in letter of complaint simply because i spoke to mortage advisior before making payment also made phone calls to customer service to make sure of my repayments and they all told me my repayment would be 689.82 not 754.49 so i was given the wrong info by at least 4 members of staff and based my decision to make lump sum repayment on this information
 
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