Are the audit reports and the calculations for mortgage overpayments, 2 different areas or are they one and the same thing?

Process / By

They are two facets of the same thing. The audit report is a report that is only possible once the calculations have been made.

These calculations depend on:

  1. a decision on the circumstances under which it should be considered that a miscalculation or misapplication of charges is made (this is made by the law firm based on barrister’s advice);
  2. “running” a particular mortgage through its entire history of drawdown(s), payments, interest applied, fees applied, etc using the bank’s own terms and conditions, the interest rates of the day, etc and comparing this to the actual history of the mortgage as shown by the lender’s statements (doing this requires specialist software which is purpose-built).
  3. using the rules developed as per (a) above to identify the causes of the differences in the two mortgage “histories”.

These calculations are then used to report on the claim value in the audit report.

All the above was undertaken by subcontractors of Promnestris for Allansons.