Miscalculated Mortgages By YBS, Accord & Chelsea.

Miscalculated Mortgages - Yorkshire Building Society, Accord Mortgages and Chelsea Building Society


If you currently have a mortgage with Yorkshire Building Society, Accord Mortgages or what was Chelsea Building Society, there is a significant chance that the over application of interest and charges by these lenders has seen your borrowing seriously miscalculated.

There are a number of areas where calculation errors may have occurred as all three lending brands pushed hard for an increased slice of the mortgage market in the UK. Many mergers and takeovers by Yorkshire have meant running multiple legacy systems and all with completely different mortgage calculation models combined with multiple versions of lender mortgage terms and conditions.

Yorkshire Building Society can trace its roots back in time to 1864. It was famed for its tight and basic underwriting and its often Dickensian approach. So much so, that they were one of the very last UK lenders to charge mortgage interest in advance for the whole year. This meant customers who then proceeded to regularly overpay their mortgage or make lump sum reductions saw no reduction in interest paid on their mortgage during that calendar year.

Over more recent years, the Yorkshire Building Society has grown steadily by taking over local and not so local building society rivals including, The Barnsley in 2008, followed in rapid succession by the The Chelsea in 2010 and then the Norwich and Peterborough in 2011. On top of that, it also snapped up the Egg savings and mortgage business in 2011. Not surprisingly, it’s now the second biggest building society in the UK, behind the Nationwide, and boasts a network of nearly 150 branches.

Even after the millennium, Yorkshire Building Society continued to only offer mortgages directly to customers. There were no intermediary sales. Finally, in 2003 they decided to launch their own intermediary only brand. Named Accord Mortgages, for what was known to be a very conservative lender, they shocked brokers by even offering sub-prime borrowing. Unfortunately, their processing and procedures were, and still continue to be, woeful with mortgage brokers either point blank refusing to use them at all, or only as a lender of last resort.

The Chelsea takeover was a brave move. Based predominantly in London and the South East, they were a substantial size in their own right. The Chelsea had been open for intermediary business for many years by that time. Their lending book expanded rapidly by offering sub-prime, self-certification and buy to let borrowing, all with little practical experience to rely on.

Far from content with organic growth, they bought a mortgage and secured loan brokerage called Britannia Capital Securities in 2007. Disastrous lending and investment policies saw near to one year’s profits stupidly invested in the Icelandic banking sector, whilst in 2009 they were forced to write off £millions in potentially fraudulent buy to let mortgages. Later that year, the true extent of their financial mismanagement was made public and just a month later in December 2009, a full takeover of Chelsea Building Society by Yorkshire Building Society was announced.

If you have a mortgage with either of the three lending brands, have done since 2009 and initially borrowed more than £100,000, Beat the Banks are currently offering an entirely free mortgage audit. Often, sight of your mortgage offer alone is enough to give us an initial indication that overcharging is likely to have taken place.

In the case of Accord sub-prime mortgages, we can even look at loans taken from 2011 for an initial starting balance of just £75,000. We are also happy to consider loans taken with Yorkshire, Accord and Chelsea after 2000, where the borrowing was retained with either brand for more than 7 years.

For more information on how to receive our entirely free mortgage audit, please contact Beat the Banks on 01382 200474 or for free on 0800 193 1234. Or if you live locally, why not simply pop into our office with any of your mortgage paperwork and we can start the audit process immediately. Our hours are 8am-8pm weekdays, except for Fridays when we close at 6pm. On Saturdays it 10am-2pm.

Miscalculated Mortgages

We’ve worked for banks on the inside. We know that they often get it wrong and when they do, they try to cover it up.

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Are you eligible?

Have you been with the same mortgage provider since 2009 or earlier?

You are eligible to claim

If you originally borrowed more than £100,000

Are you eligible?

Was your mortgage taken through a non-mainstream lender (often referred to as a sub-prime mortgage) on or before 2011?

You are eligible to claim

If you originally borrowed more than £75,000

Are you eligible?

Did you repay your mortgage in the last 10 years and were you with the same lender for more than 7 years?

You are eligible to claim

If you originally borrowed more than £100,000 or £75,000 if via a non-mainstream lender

How were mistakes made?

The key criteria and being eligible to claim?

In many cases, sight of the mortgage offer alone can often give sufficient indication that a claim is likely. If you have this paperwork available then you can post, scan or email the information to us along with our signed authority permitting Beat the Banks to share the contents of your mortgage paperwork with our partners. If you prefer, you can simply bring your documents along to our office in the centre of Dundee. Sight of the loan offer is helpful, but not essential.

If a mortgage meets the key criteria, the next stage is to recover the FULL borrowing records from the mortgage provider via a Subject Access Request under the terms of the Data Protection Act 1998. Once received, the file is checked to ensure the lender has fully supplied the correct information to allow a full audit to take place. The documentation is then passed to our partners.

Details from the loan offer and the mortgage terms and conditions along with annual statements, rate change letters and any associated correspondence are then fed into our certified and validated mortgage checker. A report is collated highlighting and verifying the scale of any interest and charges applied to the borrowing in error.

You will then be advised of the outcome. If we believe that there is no claim or if any claim is of insufficient value to proceed, we will advise you. You will not be liable for any of the costs that we have incurred to date.

If we believe that the level of interest and/or charges applied to your mortgage account are of sufficient value to proceed with a claim, we will let you know. If you decide not to proceed, you will not be liable for any of the costs incurred to date.

Should you wish to proceed, we will forward your file to our solicitors and they will contact you to progress a claim. To engage their services, you will be asked to sign and accept their terms and conditions and also a contingency fee agreement.

To find out more on how we can help you recover overpaid interest and charges on your mortgage, our office numbers are 01382 200474 or 0800 193 1234. We are open from 8am-8pm Monday to Thursday. On Fridays we close at 6pm and on Saturdays it’s 10am-2pm.

If you prefer, you can email enquiries to claim@beatthebanks.co.uk or simply call with your paperwork to our office.

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In Financial Forensics

Contact us today, start your claim journey and together we will beat the banks.

Or call us: 0800 1931 234

Miscalculated Mortgages

We have had huge success with PPI mis-selling claims against banks and are now putting our knowledge and expertise into uncovering potential mortgage claims. Unlike other claims companies, the team at Beat the Banks are crammed full of banking and financial services knowledge. We literally have hundreds of years of it.

We’ve worked for banks on the inside. We know that they often get it wrong and when they do, they try to cover it up.

Key to our process of reclaiming mis-sold PPI is our ability to recover original lender records and this often goes as far back as the early to mid- nineties. With our financial background and training, we like nothing better than trawling through this information, asking questions and seeking expert opinion when we believe that consumers may have been marginalised by banks.

This led us to look at how the banking industry have dealt with mortgage borrowing versus the terms and conditions of the contract that applied when the mortgage was taken and also to look at FSA & FCA guidance that has applied to mortgage lenders over the years.

Having completed our due diligence, even we are surprised at the results.

Beat the Banks have now uncovered that millions of mortgage customers in the UK have been systematically overcharged interest and charges on their borrowing. This can range from a simple breach of the mortgage terms and conditions through to unfairly managing mortgage arrears.

By auditing thousands of mortgages, we can establish that the incorrect application of interest and charges by lenders can apply in up to 85% of all mortgage contracts. This includes interest only and buy to let borrowing.

In conjunction with industry partners, we can now fully audit how charges and interest payments have applied to mortgages in direct comparison to what has been stated in the T&C’s accompanying the lending.

In many cases, sight of the Mortgage Offer alone can give sufficient indication that a claim is likely.

Miscalculated Mortgages Yorkshire Building Society

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