Lambeth my little problems.. (Lambeth Building Society)

Member Name: rowemg

Product:	Lambeth Building Society
Date:	05/09/00 (189 review reads)
Rating:

Advantages: They can be economical with the truth

Disadvantages: They don't seem to care

I was with Lambeth building society for 12 years but have a tale of deception to impart.

We took out our mortgage on our first house with them and at the time we needed a large amount and were not earning a massive amount.

However they agreed and told us the monthly repayments

We payed the yearly calculated amounts not knowing any better until about 9 months ago when we thought we would look around to see if any better deals were out there.

We were shocked to see how much we could save (£140 per month!!!).

So we asked Lambeth why they were so expensive and here's the rub

They had been charging us 1% above the normal rate because we were considered a bad risk.

Firstly no one had ever told us this was the case, secondly how could we still be a bad risk after paying with no gaps for 12 years, and lastly they now claimed that because the rate was on the original paperwork they had told us.

The rates at that time were going up and down like a whores drawers.

We feel cheated and they have no sympathy for our plight. we calculate we have paid £12000+ extra because of this and feel like we have been mugged continuously for the last 12 years.

For a big building society this is terrible. Steer clear of them or read the small print.
We now are with Egg and saving tons and all has been agreed upfront.

Summary: