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Bank Refunds: Clydesdale and Yorkshire customers hit by payment error

Thousands of Clydesdale and Yorkshire bank customers will be hit with higher mortgage repayments after their monthly charges were miscalculated.

Around 18,000 UK consumers have been alerted to the fault, with some borrowers facing an increase of up to £300 a month.

The firms, which are both owned by the National Australia bank, miscalculated capital repayments which meant customers were paying less than the minimum monthly fee.

These consumers are now required to increase their monthly repayment in order to pay off the loan within the designated time period.

Dan Plant, money analyst at MoneySavingExpert, claimed the error could hit borrowers who had not budgeted for an increase in bills.

He said: "Unlike when customers miscalculate payments and get slapped with huge £30-£40 charges, here the bank has messed up but the customers are still feeling the brunt."

Clydesdale said half of the customers affected will face an increase of less than £25 a month.

Posted by Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers. ADNFCR-2776-ID-800003957-ADNFCR

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