Yorkshire Bank Mistake Costs Borrowers Thousands On Bank Loan

Filed in archive mortgage news on July 21, 2010

© Ben Sutherland

The small mistake by loan lender Yorkshire Bank has resulted to 18,000 recent mortgage borrowers to pay an additional amount per year.

The shortfall has lead half of the clients who were currently underpaying their mortgage to unexpectedly increase payments of up to 300 pounds a year. This means for those who are struggling to pay their mortgage on time, the mistake of Yorkshire Bank has cost them more debt and ultimately more stress in maintaining the higher monthly payments.

The inconvenience has lead to a major uproar from customers who refuse to pay the additional amount. Some customers believe it is unfair that they are force to pay for the miscalculations from the bank. The reputation of Yorkshire Bank has now been lowered with their quality of service being questioned.