One missed mortgage payment; now selling,
For 20 years, Brian and Jessie McDonough from Hampshire, UK, were exemplary borrowers. They consistently paid their mortgage on time.
Dr. Brian McDonough states that the family “never missed a payment” during that entire period. However, two years ago, everything changed dramatically.
They accidentally missed a mortgage payment by three days. “In February 2022, my wife started a new job,” Dr. McDonough explained to The Mirror.
“We were unaware that we had missed a mortgage repayment when her payday changed,” he added.
“We didn’t realize it hadn’t been withdrawn from her account.”
According to Dr. McDonough, the bank failed to contact them about the missed payment for six days. When they finally received a phone call,
he reports that they paid the late installment “within 20 minutes.” Despite resolving the mistake, the bank’s automatic credit system imposed a negative mark.
This caused the couple’s credit score to plummet dramatically. As a result of their lower credit score, their credit card interest rates soared.
Reportedly, rates jumped from 0 percent to 30 percent. Now, the McDonoughs and their two children face the difficult decision to sell their family home.
They’ve moved in with Dr. McDonough’s parents due to this situation. Additionally, they are unable to downsize or rent another home.
This is because they are failing credit checks stemming from the 2022 blunder. “I have no issue with paying the mortgage payments,” Dr. McDonough stated.
“However, the interest on our existing debt is now double our mortgage payments.”
Dr. McDonough believes that overreliance on digital credit checkers creates significant issues in cases of human error.
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“They are essentially leaving us homeless because they depend on a computer,” Dr. McDonough expressed. “The robots are failing us.”
The family’s local MP has reportedly contacted the bank on two separate occasions. They requested assistance for the McDonoughs in their situation.
A spokesperson from Metro Bank, the family’s mortgage lender, stated: “We empathize with the situation Dr. McDonough and his family are facing.”
“As a responsible lender, we adhere to our policies and procedures. These policies prevent us from lending to any customer without necessary credit checks.”
“Our specialist also spoke with Dr. McDonough about potential ways to assist with his mortgage payments. However, he declined to pursue any of these options at that time.”
“He is welcome to schedule another appointment with us in the future,” the spokesperson added.
