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Mortgage Redemption Miscalculation

Mortgage Redemption Miscalculation

This is a discussion on Mortgage Redemption Miscalculation within the Mortgage Know-How forums, part of the Mortgage and Loans Forum category; Now around six weeks later the bank has contacted the solicitor saying that the interest was miscalculated and he owes ...

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Mortgage Know-How A mortgage is the transfer of an interest in property (or the equivalent in law - a charge) to a lender as a security for a debt - usually a loan of money. While a mortgage in itself is not a debt, it is the lender's security for a debt. It is a transfer of an interest in land (or the equivalent) from the owner to the mortgage lender, on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower.

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08-08-2008, 01:58 AM

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Mortgage Redemption Miscalculation

Now around six weeks later the bank has contacted the solicitor saying that the interest was miscalculated and he owes a further £170 and are refusing to discharge the mortgage until the money is paid. ...

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miscalculation, mortgage, redemption

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