A family is facing the heartbreaking reality of having to sell their cherished family home due to a three-day mistake made by Metro Bank with their mortgage payment. Dr. Brian McDonough and his wife, Jessie, were shocked when their mortgage lender downgraded their credit score, making it difficult for them to manage the increased interest rates on their credit cards.
The McDonoughs, who have two young children, found themselves in this predicament after missing a mortgage payment by just a few days two years ago. Despite promptly making the payment once they realised the oversight, Metro Bank had already marked their credit score, causing a negative ripple effect on their credit card payments.
Dr. McDonough, a university lecturer from Andover, Hampshire, expressed his frustration, stating that he had never missed a payment in 20 years. He highlighted that the bank did not notify them promptly about the missed payment, which led to the credit score marker.
The family, currently unable to downsize or rent due to failing credit checks, is facing challenges in consolidating their debts because of the credit marker imposed by Metro Bank. Despite attempts to resolve the issue with the bank, including discussions with a Metro Mortgage Adviser, the family has not received satisfactory solutions.
Metro Bank acknowledged the family’s situation but cited their lending policies and the need for credit checks as reasons for the lack of immediate assistance. The McDonoughs, however, feel let down by the bank’s refusal to provide meaningful support in their time of need.
Local MP Kit Malthouse stepped in to advocate for the family, writing to Metro Bank twice on their behalf. Despite these efforts, the bank has not offered significant help, leaving the McDonoughs with no choice but to sell their home and move in with relatives until their credit score improves.
The McDonoughs are heartbroken over the prospect of leaving their family home, a place filled with memories of their children growing up. Dr. McDonough emphasised the impact of the bank’s actions on their financial stability, leading to increased debt and limited options for resolving their situation.
As the family navigates this challenging time, their story serves as a stark reminder of the far-reaching consequences of financial mishaps and the importance of timely communication and support from financial institutions.