Hi guys,
Ulster bank made a mistake with my mortgage - they kept it interest only long after the interest only period expired, basically I should have been paying interest & capital for the past 2 years.
Before this happened I requested they leave it on interest only & presumed they had - that it wasn't a mistake. Now I'm abroad in Australia looking for work & having audited & realised their mistake - they've hit with with a bill for 10,600 EUR, right before Christmas!
Sure you know what Bankers are like; They've given me 4 options for paying it, a lump sum up front (not likely), an extra 50 EUR a month for the term of the mortgage, or 2 options that would involve changing the conditions of the mortgage. The last isn't an option as its tracker & I want to keep it that way.
I intend to pay the outstanding amount - of course nothing is free & fair is fair. However I'd like to pay it under my terms at a time & rate that best suits me. I don't think its fair to shoulder a huge financial burden because of their mistake? I would rather pay it at the end of the term when times are good & money is plenty
To top it off they've given me a relatively short deadline to respond. It'll be a blue Christmas for sure this year but not for the fat cat bonus taking banker who sent that awful letter.
-Does anyone know of any legalities I can use to gain leverage here?
-Any online forums or institutions that can offer financial advice?
-Any help at all is appreciated.
Yours truely,
R V