There are now many reasons why a mortgage or loan may need to be recalculated and Redress manager has the ability to accurately recalculate these from the day they started (subject to the lenders information being on our system).
Areas covered include:
- incorrect term
- incorrect repayment method
- wrong rate applied
- affordability
Items that can be included in calculations are:
- changes in mortgage lender
- capital reductions
- fixed, discount, tracker, cap/collar interest rates
- missed, over / under payments
- offset parameters
- increase in mortgage amount
- change to mortgage term
- split loan for different rates / terms
- low start mortgage
- mortgage claw-back
- fees
This comprehensive list allows for accurate processing of the most difficult of cases and each case can calculate redress based on up to 10 calculations with 25 lender changes in each calculation.
Redress manager does contain information for some lenders dating back to 1949 and the system automatically switches between the parameters setup to cover a lenders change in backend methods / systems.
Exasoft Plc provide systems to calculate redress for PPI, Investments, Mortgage endowments / pensions and under-funding. In addition, we provide tools to aid in the sale of mortgages & savings products and systems for the education sector. Exasoft Plc is not regulated and therefore unable to give financial advice.