Business

Clydesdale and Yorkshire mortgage error: Your stories

Thousands of mortgage holders are facing rises in their monthly repayments because of a banking error.

The Yorkshire and Clydesdale Bank group, owned by National Australia Bank, said it had miscalculated repayments for 18,000 customers who will now have to pay as much as £300 a month extra, to make up the shortfall.

BBC News website readers have been explaining how they will be affected.

Craig Hewet, Northwich

We have a tracker mortgage and Clydesdale have demanded a 25 per cent increase in our mortgage payments. I wrote to Clydesdale and asked them to explain the facts in fine detail. Their orignal letter was so lacking in explanation.

They gave us two months' notice. This is an enoromous amount of money. We are four years in to a twenty-year mortgage.

They need to be open and upfront about what they have been doing with the monthly payments to date.

In our view, yes we borrowed the money and have to repay it, but if they made the error, it should be them taking the hit and not us.

We should not have to pay it. We, like other people affected, have lots of questions but as yet no answers from Clydesdale.

Frances Harrison, Glasgow

I've lived in my home for 14 years with my husband and our three children. I have always paid my mortgage in full and on time.

Two years ago, I took out a new mortgage with the Clydesdale bank and now I'm being told I am £1,700 in arrears.

The bank has told me I have to pay an extra £120 per month. I am extremely worried that I just can't repay my mortgage. My husband's income has dropped in the past year and I'm only part-time. We're struggling by so where am I going to get more money from?

Come September, I just don't know where I can get the extra money from. This is their mistake and that's the frustrating thing.

Avril Simmons, Doune, Perthshire

I received a letter from Clydesdale Bank telling me that they had made a mistake in their calculations when the mortgage was initially taken out and I would now face increased monthly payments.

The tone of their second letter, after I had written to complain and demand they take the financial responsibility, was very patronising and they effectively tried to put the blame on me.

I responded saying it was the bank who were not facing their responsibilities as they had been employed by me in a professional capacity, and I had trusted their integrity.

I hope this exposure forces the banks to admit responsibility.

More of your reaction

I had a letter from Yorkshire Bank to say that my mortgage was underpaid by £7,000 even though I had always paid the monthly payments they had asked for. They have now increased my mortgage payments by £250 per month. I have complained directly to Yorkshire Bank who have basically told me to live with it. I have now made a complaint to the ombudsman. I am totally disgusted with the way Yorkshire Bank has treated me. Mark Coates, Wrexham

I have received a letter from the Yorkshire Bank stating that following an inaccuracy in the way my payments were calculated, my mortgage payments will be increasing by £231.74 per month from 5 September. I have yet to speak to them regarding this but as you can imagine I am shocked to find that this has happened. Being £231.74 a month worse off is going to make things difficult. They have offered for me to make a one-off lump sum payment to bring the account up to date or to extend my mortgage term, but this does not alter the fact that it is their error that will now impact on my finances. I spoke to them in February regarding my payments as my two-year deal was coming to an end and they gave me advice after looking at my payments yet never noticed any anomalies then. Darren Killick, Peterborough, Cambridgeshire

My Clydesdale repayments will increase by almost £160 per month from September as a result of the error - I've only had the mortgage about two years. That is a huge amount over the remaining term of the mortgage. How could their calculations have been so wrong? Paul Hodgson, Dunblane, Perthshire

Yorkshire Bank now wants nearly £200 per month extra because of this error. We can't afford it, and have complained to the financial ombudsman. They should hold their hands up, and stand the extra cost themselves. Banks in this country are nothing short of disgraceful. Let their top brass have a smaller bonus instead, and put their customers first for once. Nicholas Thornley, Preston

Clydesdale Bank miscalculated my mortgage payments and have put my mortgage up by about £70 a month to pay off the shortfall. I can't afford this as I have a very low wage and think Clydesdale Bank should take the hit as they made the mistake. I kept to my side of the deal and paid what was asked of me faithfully every month - it wasn't my fault in any way. They also took over a year to tell me of this shortfall because and I quote "they didn't want to worry me". Well, sorry, but they're worrying me now. Take the hit Clydesdale Bank - it's your error. Mary Bell, Coatbridge, North Lanarkshire