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    Audit uncovers massive overcharging by lenders

    Audit uncovers massive overcharging by lenders

    Some homeowners being charged £57,000 more than they should

    Author Date published May 27, 2007 Categories

    An audit carried out by independent audit group
    BankCheck has revealed that
    homeowners are being overcharged by up to £57,000 because of basic mistakes
    being made by mortgage lenders.

    The audit revealed that some customers were paying too much interest for up
    to 15 years.

    BankCheck investigated 30 mortgages on behalf of concerned borrowers and
    found that interest charged on monthly repayments was wrong in every case and
    always left the borrower out of pocket.

    Simple mistakes included entering the wrong interest rate into the computer
    system or failing to lower an interest rate after an agreed period.

    Further reading:

    Social housing: Opening doors

    Half empty: the effect of bad debt

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