Not sure if I've got this in the right place, but I'm sure the Mods will put me right.
I have just received a letter from Acenden stating that after the last BBR change in March 2009, my monthly payment was incorrectly set owing to "fees and interest" applied to my account not having been included in the payment amount. This will apparently result in a shortfall on my mortgage of £1155.51 over the term of the mortgage.
They say my options are to increase my payment by £10.41 a month over the term (9 years and 3 months remaining = £1155.51, seems OK) OR make a lump sum payment of £109.58 How does that work?
My payment has only been at the current amount since October 2009 anyway, not March.
Has anyone had a similar letter, or know what this is about? Obviously I don't want to be left with a shortfall, but an alarm bell is ringing in my head which says the numbers don't add up. I am just about to go trawling back through all my mortgage letters, statements and other papers to see if I can shed any light on it that way, prior to a telephone call later today. Wish me luck!