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Response to MIG

from Eleanor Scott (eleanor.scott@btinternet.com)
The solicitor who handled the conveyancing for you ought to be able to help you out with this. Get on to the solicitors straight away and ask them for a copy of your file - they will probably keep this stuff for 12 years so you should just be in time. In fact why not ask them outright how much you paid for your MIG? They might be keener to answer a question as simple as this rather than have to photocopy a whole file. (But ask them to hang on to your file for you.) You must have been sold a MIG on a 100% mortgage.

Some building societies in the late 80s/early 90s asked for one-off payments to cover MIGs. If this was the case, then your solicitor's invoice (the part with the completion statement) for conveyancing ought to give you a way to work out the amount paid for the MIG (and thus prove that you had one) when you took out the mortgage. If you don't have a copy, ask the solicitor who did the conveyancing. The invoice will say how much the property cost ('purchase price'). It will say how much deposit you paid ('received from you'). Deduct the deposit from the purchase price. This leaves the amount of the mortgage, and this is what the lender should have advanced to you if there were really no MIG. But is this figure actually less than it should be? If so, and the sum is headed 'mortgage advance (net)', then the difference between the two amounts (i.e. the amount the mortgage advance should be, and the amount under 'mortgage advance (net)') is very probably the sum deducted for the MIG.

(posted 8518 days ago)

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