Floor clause mortgage

[Si Tie]

My initial instinct was to do it myself to avoid any fee's.  However having read other forums.  In some cases the banks are offering 
less than people are entitled too.  People accept it as they assume the banks are being honest.  The solicitor I spoke with said they
use an accountant to work out the correct figure.  I also believe you are entitled to interest at 8% per annum on anything owed.  So
not the easiest thing to work out yourself.

[Spitfire58]

I also heard of a case where someone was waiting for a number of years for a payback. Solicitor said something along the lines of, it takes as long as it takes !! Client eventually contacted the bank directly & established that the due amount had in fact been paid out some time previously to the solicitor who was the one dragging his/her feet & holding onto it (illegally, I might add) !!
Moral of this:
NEVER TRUST ANYONE !!!
Just saying 

[Si Tie]

Has anyone ever found an on-line calculator so you could see what you may get back? 

[Si Tie]

I wonder if the lender could not instruct the bank to class the payments as over payments and
potentially knock years of the mortgage rather than a refund?   That figure would be greater than
a refund because it would mean paying less interest.  At the moment you get back the over payment plus
interest.   

[Spitfire58]

Wouldn’t see the banks doing that willingly. If & when anyone gets the refund then they will pay out the absolute minimum necessary. Don’t think they would voluntarily reduce the interest you pay (profit they make) unless forced to do so by law.

[Raye]

Some very useful comments here and i think i will try the Lawyer route.
It also seems that the Bank have have the wrong employment details on my Mortgage. They have me down as a self-employed accountant when i have always been employed in Sales and had to proove it with wage slips etc when i took out the mortgage! They are now asking for P60'S etc to show i am not Money laundering, even though all the Money has been transferred from my UK Bank and never paid any cash in.

[Si Tie]

I wonder if the lender could not instruct the bank to class the payments as over payments and
potentially knock years of the mortgage rather than a refund?   That figure would be greater than
a refund because it would mean paying less interest.  At the moment you get back the over payment plus
interest.   

They might well be interested Ron as it would mean they wouldn't have to find the cash upfront.
Even banks need to watch their cashflow.   That said they would probable just offer to knock the
amount due off the loan.  Which would be less than if it were classed as an overpayment (I think? )

[Captain Sensible]

When my floor clause was settled, I was given the option of paying off some of my mortgage or taking it as a lump sum.

[Raye]

Some very useful comments here and i think i will try the Lawyer route.
It also seems that the Bank have have the wrong employment details on my Mortgage. They have me down as a self-employed accountant when i have always been employed in Sales and had to proove it with wage slips etc when i took out the mortgage! They are now asking for P60'S etc to show i am not money laundering, even though all the money has been transferred from my UK Bank and never paid any cash in.

Sometimes the banks need to check where you do have the money from, no matter how you've paid. I still wouldn't worry too much about the employment status because that's what they asked you as an applicant so they can decide if they will lend you the money or not. I don't thing you have to keep them up to date with any employment changes.

I am not worried about the employment status, but i am puzzled as to why they have me as self-employed and also as an accountant, when i have never been either.