Dpdp01050842
Registered User
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Hi All. A bit of a tricky one here. I purchased an apartment for 370k back in 2005. It was a BTL (it was my only property not a second). During the course of the economic downturn we were struggling to make all interest payments due to then high rates of interest. However for 5 years I never missed an interest payment as I borrowed 300 per month from family to pay the mortgage (I have transaction statement confirming such). In Nov 2015 the person assisting us retired so we could no longer get assistance. I put the apartment on the market and sold the following month. The only reason I sold the apartment was because it was not possible for me to service the debt. Selling for 303k I crystallised a loss of 67k. I knew house prices were increasing at the time and selling was not something I wanted but given the interest on the mortgage being unaffordable I had to sell. The mortgage balance of 272k was cleared and the.
Last month I received a letter refunding me circa 40k stating that I had been charged the incorrect interest rate for a number of years and had been overpaying interest. So contractually I had been on an extremely valuable ECB max rate but incorrectly charged. My interest rate shouldn't have been unaffordable and I shouldn't have had to borrow from family or sell at a 63k loss.
I want to be back in the position I should have been. I want to have the apartment back at the contracted rates. The last apartment sold in the complex went for 346k last month. What should I do?
Any advice would be great.
Last month I received a letter refunding me circa 40k stating that I had been charged the incorrect interest rate for a number of years and had been overpaying interest. So contractually I had been on an extremely valuable ECB max rate but incorrectly charged. My interest rate shouldn't have been unaffordable and I shouldn't have had to borrow from family or sell at a 63k loss.
I want to be back in the position I should have been. I want to have the apartment back at the contracted rates. The last apartment sold in the complex went for 346k last month. What should I do?
Any advice would be great.