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Mortgage term increased


t1grm
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Got my mortgage works statement back recently and couldn't reconcile the numbers to the spreadsheet I keep. Upon inquiring further it turns out they changed my mortgage type in May last year without telling me and in the process increased it from a 300 month mortgage to 301 months. Doesn't sound much but it works out in a few hundred quid's worth of extra interest over the life of the mortgage. Once I got them to admit it they tried to tell me I was better off under the new system. What a load of bull! Have sent them the original mortgage documents and asked them to change it back to 300 months. Anyone else had this? Seems a bit of a [problem] to cream off extra interest to me.

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Perhaps send them a Subject Access Request, find out what else they have been doing behind the scenes. What company is this?

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If you have any problems with them changing it back - then it might just be worth a complaint to the Ombudsman.

Have we helped you ...?         Please Donate button to the Consumer Action Group

Uploading documents to CAG ** Instructions **

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

BCOBS

1: How can BCOBS protect you from your Banks unfair treatment

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Company is The Mortgage Works aka Nationwide. Don't think changing it back will be an issue since they already offered to reduced the term back to 300 months. Just a bit cheeky they did it without telling me and also that I had to send about 4 letters with a lot of complicated maths debunking their assertion that it was just an "internal change" before they admitted it. Wonder how many others they have done it to who don't know.

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