If bank makes a calculation mistake on mortgage interest repayments what happens?

[fruitcocktail]

Our fixed rate has ended and bank has sent us a letter stating the new monthly amount based on SVR.

Now if they have calculated this wrong (i.e. much too low) what happens?

I've questioned it and they've told me their systems have calculated this automatically and its final but what happens when they decide it is wrong? even though they've written to me confirming the new monthly amount?

Will I have to repay the difference if/when they click on? I am planning to throw it back into the mortgage as overpayments.

Thanks in advance.

Yes, you'd have to pay up; the Clydesdale (I think) did this to thousands of customers this year, and they all have to make up the difference.

Thanks! You know I questioned them on this on the phone and they 100% said yes this is the new amount as that is what their system generated!!!

Interesting story here.

yes interesting indeed!

i think i'll be okay in making up the interest difference when the time comes, but not until i've taken a chunk off my mortgage!!

I rang Abbey a couple of years ago and asked for a "final amount" balance on a loan and what I'd have to pay back if I paid back early. Got a letter in the post with the amount, rang up to repay early and was told "oh no, that amount isn't correct, its blah blah more". I told them that I didn't really care, I'd rung up, asked for the amount, was sent a quote on their official headed paper and that was the amount I was willing to pay. They accepted.