Welcome to Beat the Banks

Find Us

11 Albert Square,

Dundee DD1 1DD

Miscalculated Mortgages With Clydesdale Bank

Miscalculated Mortgages With Clydesdale Bank

If you currently have a mortgage with Clydesdale Bank and have done for a number years, there is a significant chance that your borrowing may have been miscalculated for a number of reasons. This includes interest only, repayment and Investment Housing Loans (Buy to Let mortgages).

In 2013 Clydesdale Bank Group, which includes Yorkshire Bank, were fined £8.9 by the FCA for not treating mortgage customers fairly. In April 2009, the bank discovered it had incorrectly calculated the payments on over 42,500 mortgages. Of that figure, some 22,000 mortgage holders, through no fault of their own, were left facing shortfalls totaling £21.2 million. In 2010 Clydesdale Bank then proceeded to compound the error by automatically increasing their monthly payments.

The FCA Final Notice meant the Bank were obligated to write to all affected customers and then to subsequently fully address and write off their miscalculation errors. The whole debacle left the bank with a bill of over £42 million.

Back in the late 1980’s Clydesdale Bank were the first UK bank to bring to the market the concept of overpaying your mortgage on a monthly basis in order to reduce the total amount of interest charged and in turn the mortgage term.

Named the Flexible Repayment Mortgage or FRM, it was an Australian concept brought to Scotland via the Bank’s antipodean owners, National Australia Bank. FRM’s were designed to be subject to an annual review. Sales targets, unfortunately, meant that in reality this was often ignored and in the times when it wasn’t, it was down to branch staff to manually calculate and apply the new payments.

Many years later the Group introduce their Rapid Repay option. Similar to the Virgin One account, mortgage borrowing was bunched together with savings and salary lodgements. The objective again being early repayment of the mortgage. Calculating payments and tracking interest charges on this type of mortgage borrowing is acknowledged as being extremely complex.

Back in the 1990’s, Clydesdale Bank were also one of the first Scottish banks to dip their toe into the Buy to Let market. Termed as Investment Housing Loans, these mortgages allowed property investors to buy to become landlords with as little as a 20% deposit.

If you currently have a mortgage with Clydesdale Bank, have done for more than 7 years and initially borrowed more than £100,000, then Beat the Banks are currently offering to audit your mortgage for free. We can also consider previously repaid mortgages with Clydesdale Bank providing they were taken no earlier than 2000 and repaid no less than 7 years later. Again this is subject to a minimum initial amount borrowed of £100,000.

For more information on how to receive our entirely free mortgage audit, please contact Beat the Banks on 01382 200474 or for free on 0800 193 1234. Or if you live locally, why not simply pop into our office with any of your mortgage paperwork and we can start the audit process immediately. Our hours are 8am-8pm weekdays, except for Fridays when we close at 6pm. On Saturdays it 10am-2pm.

Tell us your story

Sign up to Beat the Banks Newsletter

I have read and agree to the terms & conditions
  • Mrs C, Glasgow

    “From beginning to end, Beat the Banks have been very efficient. I am very pleased with the service from Jenna and the team. I am highly delighted and I have been recommending all of my friends.”

  • Shona, Dundee

    “Huge thank you to the team. After attempting to claim PPI myself and getting absolutely nowhere, I got Beat the Banks involved and ended up getting  £12,000. What a result. Beat the Banks made it so easy and were committed right to the end.”

  • Mr A McQuillian

    “From previous experience of PPI claim companies, I was a bit dubious if anyone could help me but I thought I would try Beat The Banks. To say I am pleased with the service and conclusion to my claim is an understatement. Beat the banks and my claim handler in particular handled all aspects of the claim from Clydesdale Bank with professionalism, courtesy, and efficiency to secure a positive result on my behalf. I would certainly recommend the services of Beat the Banks to anyone who thinks they have PPI claim, especially with the Clydesdale Bank.”

  • Mrs S, Falkirk

    “I was apprehensive about using a company to claim my PPI as I had previously responded to a “cold call” and was pestered with calls. I heard about Beat The Banks on a local radio station and because they were based in Scotland I felt comfortable approaching them. I have had a very positive experience with Beat The Banks. They are not pushy and answer any queries timeously. All the Agents I have spoken to were knowledgeable, polite and friendly. After the initial information gathering conversation, they understood my needs and just got on with my claim. No hassle. Even when it was clear that my claim was of a relatively low value they processed without delay. I would definitely recommend using Beat The Banks …. they put all the other companies out there to shame.”

  • T & A, Dundee

    “Down entirely to Mike’s hard work, we previously had a successful claim with Clydesdale Bank. Mike was convinced we had more loans with PPI and he was relentless in efforts to recover our paperwork from the bank. Finally, after many attempts, enough records were recovered to submit several claims. We have now received much more compensation, covering loans going back many, many years. If it had not been for Mike and the team at Beat the Banks this would never, ever have happened. Literally, all we did was sign our name and bank the cheque.”

  • Mrs S, Falkirk

    “I was apprehensive about using a company to claim my PPI as I had previously responded to a “cold call” and was pestered with calls. I heard about Beat The Banks on a local radio station and because they were based in Scotland I felt comfortable approaching them. I have had a very positive experience with Beat The Banks. They are not pushy and answer any queries timeously. All the Agents I have spoken to were knowledgeable, polite and friendly. After the initial information gathering conversation, they understood my needs and just got on with my claim. No hassle. Even when it was clear that my claim was of a relatively low value they processed without delay. I would definitely recommend using Beat The Banks …. they put all the other companies out there to shame.”

  • Mr & Mrs M, Shetland

    “We really appreciate the doggedness and professionalism of Jenna and the team at Beat the Banks. This is something we’d never have gotten round to doing and we’re so glad we went through the process with professionals as we’ve now had great results. Only positives have come from the experience.”

  • Mrs S, Falkirk

    “Excellent service so helpful, I received a substantial sum back that I had no idea I was due, thank you again to Beat The Banks especially to Gary who was so helpful and efficient in every way.”

  • Dave & Linda , Dundee

    “We had no paperwork but £52,500 reasons to say thank you, we are now living our Spanish dream! Exceptional service.”

  • Mr S, Dingwall

    “Have just found out I have won all my cases with the bank, going back many years and been awarded compensation of just over £15,000!”

Web Design by: Purple Imp