Audit uncovers massive overcharging by lenders

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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