Charges by Mortgage Company for late Insurance schedule.

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7 Posts
13 years ago
My Buy to Let Mortgage Company (Platform) has started charging for Insurance Schedules being late. Is this legal, I have had 6 mortgages with them starting in 2004. The charges only started in January 2010. THe terms are not the clearest.But the charges are clear 21 days from the letter date. A non-refundable admin fee of £40 debited to mortgage account,plus a premium of £25.21 monthly and will accrue interest at mortgage rate. The Lenders Interest Policy will be in the lenders name. which means I cant claim of it. They say it is part of the terms and conditions of the mortgage contract. but I cant see were they say you will be charged for late shedules. Has anyone else been charged for late schedules.

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