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Mortgage Completion

Does anybody know what the following statement means? I paid off my mortgage 2 years ago and the BS holds the deeds and a recent statement shows the account £5.74 in credit. I am applying for a new mortgage through different company, they wanted the last statement which I've lost so hence the new statement. The statement goes on to say Overpayment reserve as at 31 Dec 2004 (see note opposiet) £881. The note says the overpayment reserve shown represents the total amount that you have overpaid your mortgage by. So why am I not £881 in credit and does the BS owe me £881. I assume not as they aren't paying me anything so what does it mean?

Kevin

Reply to
kajr
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wrote

What did they say when you asked them?

Reply to
Tim

Haven't done so yet but I don't want to sound like a complete bozo when I ask them, here is ok.

Kevin

Reply to
kajr

It's OK to look like a complete bozo in front of hundreds or thousands of us, but not in front of a single BS call centre operative?

Reply to
Ronald Raygun

What it means I think is that you overpaid, or paid EARLIER THAN YOU NEEDED TO, £881 which has already been deducted from your bottom line.

It's one of these "we need to include it because some Governemnt quango or other said we had too!" Posting from Peter Rogers

Replace NOSPAM with ntlworld to reply

Reply to
Peter Rogers

It's a flexible mortgage. The overpayment reserve is the amount you've overpaid and can borrow back if you need to. The balance will already include the overpayments.

Reply to
Andy Pandy

But we already know :-)

Reply to
Andy Pandy

Well the answer is the amount of repayments over and above the minimum required to repay. So nobody in uk.finance knew that then.

Reply to
kajr

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