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Mortgage providers issue apologies to customers
Thu, 22 Jul 2010
Yorkshire and Clydesdale Bank are currently in the process of mailing apologies to approximately 18,000 variable rate mortgage customers for an error in how their monthly payments were calculated.

The incorrect calculation, which resulted in an underpayment occurring, has been corrected and the banks have written to affected customers to suggest ways to return their accounts to the position they would have been in had this not occurred.

According to the banks, the new regular payments, suggested to customers in their individual letter, reflect the correct monthly payment, as well as an amount to eliminate any shortfall caused by the previous underpayments.

Steve Reid, retail director for Clydesdale Bank, remarked: "The vast majority of our customers are not affected and, of those that are, 99 percent have already received their letter advising them of the specific impact on their account.

"The other one per cent will hear from us in the next couple of weeks advising them of options to bring their account back on track."

Meanwhile, the latest John Charcol mortgage index revealed recently that six out of ten mortgages taken in June 2010 were for purchases.

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