Damn Mortgage Company

Simian · 16 Feb 2006 at 08:50

We've just moved into our new house, and with our new mortgage and other outgoings we're a bit streached!, so when we recieved a letter from the mortgage company saying our first payment was going to be the 1st March we thought 'Yipee we've got a month's breather' :cool:

which we thought was standard (both of us did on our previous mortgages!!)...

But to double check my wife phoned to make sure!... and we were told that the payment was actually going to be on the 15th March with subsiquent payments on the 1st of each month there on!...

So thats two people telling us we've got a breather for Feb!!...

This morning my wife looks in the bank only to find the first payment has come out and we are now £250 overdrawn on a account with no overdraft facility and further loans to come out within the next week!!!... :mad:

Does anyone know if we have grounds for a refund and any overdrawn/Late charges from our Mortgage company??... I recon we do as we have a date of 1st March 'IN WRITING' and nothing telling us any different, and we even checked on the phone!!!

The Wife is phoning them at 9am to give em an earfull!...

Not a happy Bunny
Simon :mad:

vanandjuanunited · 16 Feb 2006 at 09:00

Doubt it I have always been hit with the large bill first for whatever was owing between moving in and the first bill. Was usually a month and a half's worth.

Simian · 16 Feb 2006 at 09:04

The First Payment was Mahoosive!... but it says on the letter 1st March not 15th Feb!...

233 · 16 Feb 2006 at 09:09

get on the phone and kick up a stink,

they should refund the payment and any fees

is it direct debit?

if so they have broken the direct debit guarantee take a copy of the letter into your bank and claim a refund of the funds under the direct debit guarantee, bank will then refund the cash into your account and sort it out with morgage company

problem solved

Admiral Huddy · 16 Feb 2006 at 09:14

There is no such thing as a breather as far as banks and loans are concerned. You pay for what you borrow from the first day onwards.

Some times, the first payment is predictably larger depending on where it falls in the month because it’s calculated on a pro-rata basis.

Are you sure there are no facility charges such as indemnity insurance or drawdown costs added? These are normally paid on completion but may have been added to the first payment.

iv-tecman · 16 Feb 2006 at 09:18

I thought you were given your first payment date as 1 month from when you took out the loan etc, and this also applies to mortgages. So, if you took the agreement out on the 1st Jan, you’d be expected to pay the first payment on 1st Feb.

Unless you get an agreement where the payment is deferred, and the it might 1 - 3 months after the agreement date, but I have never had a mortgage so perhaps I’m talking rot.

Simian · 16 Feb 2006 at 16:47

iv-tecman said:
I thought you were given your first payment date as 1 month from when you took out the loan etc, and this also applies to mortgages. So, if you took the agreement out on the 1st Jan, you’d be expected to pay the first payment on 1st Feb.

Unless you get an agreement where the payment is deferred, and the it might 1 - 3 months after the agreement date, but I have never had a mortgage so perhaps I’m talking rot.

Thats the thing our Mortgage runs from 27th Jan and first payments are taken on 15th (by Gmac anyway!!) so (according to the letter) the extra 4 days plus 15 has been added to the payment (it was substantialy larger than our nominal monthly quote) but still taken 1 month earlier than stated!...

Anyhew... after listening back to the phone conversation with my wife (where thay said 15th March) they've admitted it was a mistake (on their part) and have promised to pay any bank charges!... but not refund the payment!...

Luckinl we're seeing the Bank Finance blok on monday, so we can advise him of this too!!!... See what we can do from that end!..