Interest_rate
Registered User
- Messages
- 3
In 2007 we took out a 5 year fixed rate mortgage and were charged 5.4%.
In October we received a letter advising us that as part of the Mortgage Interest Rate Review we were identified as being on the incorrect interest rate for 5 years. We should have been on a rate of 4.94%. We were also left on the 5.4% rate for 6 months longer than we should have been.
We should have rolled on to a 2.15% tracker rate. (ECB + 1.15%)
Enclosed with the letter is a cheque totalling €10,111.36. This is made up of €9,274.81 interest over charged and €836.55 compensatory payment.
Should we consider this the end of the matter? The Bank owned up to the two errors and have issued us with a cheque for the amount overcharged and provided a compensatory amount.
Personally we feel, they have owned up, refunded the over charge and given compensation but are hesitant to lodge a cheque without some financial advice or opinion.
In October we received a letter advising us that as part of the Mortgage Interest Rate Review we were identified as being on the incorrect interest rate for 5 years. We should have been on a rate of 4.94%. We were also left on the 5.4% rate for 6 months longer than we should have been.
We should have rolled on to a 2.15% tracker rate. (ECB + 1.15%)
Enclosed with the letter is a cheque totalling €10,111.36. This is made up of €9,274.81 interest over charged and €836.55 compensatory payment.
Should we consider this the end of the matter? The Bank owned up to the two errors and have issued us with a cheque for the amount overcharged and provided a compensatory amount.
Personally we feel, they have owned up, refunded the over charge and given compensation but are hesitant to lodge a cheque without some financial advice or opinion.