The final endowment policy matured this month so, yesterday, I paid off my mortgage to the Mortgage Works by electronic transfer from my HSBC account.
In addition: -
- I faxed a covering letter and HSBC data-transfer slip to Mortgage Works ... because the company won't accept e-mails or engage in e-correspondence with its clients
- posted hard copies of said documents
- I rang Mortgage Works to see if it could confirm that the money had been transferred - it's system had not reieved the information (in fairness, HSBC said that this was quite common)
- Mortgage Works told me to ring again on Monday, to see if it had arrived (five days and we are talking about a fair few thousand pounds)
- I asked how Mortgage Works would return the deeds for my house, only to be told that the company had shredded them 'to save storage space' and that I would have to contact the UK Land Registry and apply for an electronic copy.
It should also be pointed out that this company has a postal address in Skipton, a bank in Macclesfield and a response team in Scotland.
My Opinion: -
- The balance of wealth in my property was heavily in my favour; I would guess that the residual mortgage represented less than 20% of its market value. How can the Mortgage Works hold the right to destroy my deeds without, as far as I can recall, consultation?
- Why wasn't I sent a form to confirm whether I agreed to the deeds being destroyed and/or whether I wanted the chance to hold my deeds?
- Why hasn't the Mortgage Works made an electronic copy of my deeds that it can provide to me?
- If you are thinking of taking out a mortgage with the Mortgage Works Plc, insist on them not destroying the deeds to your house. In fact contact whichever mortgage company you are with and make the same request.
- I would advise any friend of mine not to touch this company at all.
(NB: HSBC is rubbish as well; it forces you to sign up for telephone banking or else you can't ring your own branch ... I have had to make a special trip today to verify that the money has been transferred)
Edited by Wolford6, 20 September 2012 - 04:56 PM.