MSE News: Thousands of Santander mortgage holders could get payouts after blunder
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I dont think a fixed rate mortgage is effected as you are tied in with your erc so your rate wont change whatever happens then at the end of your term you would not have to go on the svr as you would be free to leave without erc so the cap would not effect you
Now if you have a fixed with a loan which was on svr at the time i think this is what is tyeing both loans to the capmargine as the loan is the affected part by it(CAPMARGINE) which then triggers your 3month period to leave without charges by paying all money owed
these are just my thoughts i may be wrong and theres trackers which i no nothing about as this is just my own circumstances
regards
andy0 -
do you think it might be worth us coming up with a statement we could include in notes section , so we are all saying the same thing if we had been told we could have done something
only a thought I intend to do mine this weekend0 -
I got this letter from them today and is seems that the "3 month period to leave without charges" is only available if you had a SVR.
We were on a fixed rate and our letter says "mortgage customers are entitled to exit this part of the mortgage without paying the ERC for a period of three months" This did not effect your mortgage
Am I understanding this correctly?0 -
We all seem to have the same questions were we effected these letters just dont seem to make any sence there telling you were affected then telling you your not im just going to keep reserching my mortgage details and try to find out exactly which mortgages were effected i do think i have been affected by this but dont want to send that form in until im sure of what i need to put on it id hate the thought of these banks ripping me off for 5year then not paying me compo because i put somthing wrong on a form
how would you go about calculating any compensation and effects0 -
We all seem to have the same questions were we effected these letters just dont seem to make any sence there telling you were affected then telling you your not im just going to keep reserching my mortgage details and try to find out exactly which mortgages were effected i do think i have been affected by this but dont want to send that form in until im sure of what i need to put on it id hate the thought of these banks ripping me off for 5year then not paying me compo because i put somthing wrong on a form
how would you go about calculating any compensation and effects
if its of any help I have found my t&c booklet0 -
My understanding of this is that it's the people on the fixed rate at the time who are eligible for compensation. Some people seem to be saying the opposite though.
I now have the forms but am unsure of the best way to fill them in. Has anyone done their's already?0 -
My understanding of this is that it's the people on the fixed rate at the time who are eligible for compensation. Some people seem to be saying the opposite though.
I now have the forms but am unsure of the best way to fill them in. Has anyone done their's already?
I was on fixed and told I wasn't I rang back and got a form are going to make a start this weekend0 -
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Not received any letters yet.
Have I got this right?
We had a 5 year fixed rate with Abbey/Santander from April 2005 to April 2010.In 2008 Santander increased their Cap rate which should have given me a 3 month window of opportunity to change/repay/move my mortgage, without penalty, should I have wished to? Which I would have, had I been informed,and clearly wasn't.
Upshot is,After my fixed rate finished I ended staying with them for another 2 years on a tracker which was still nowhere near as attractive as the kind of deals that were available in 2008/09.
Where do I sign?0 -
Hi all
Am hoping someone can advise me. I got "the letter" from Santander two weeks ago but have just looked at it this morning - so confusing.
It basically said they were writing to me as I may have been affected by changes to my mortgage in 2008. Further down the letter it states that they do not feel customers would have been affected.
I have always switched mortgages to get the best deals over the past 15 years.
In March 2007 we took out a mortgage with Abbey - two parts totalling £274,799 for 2 yers 2 months, on a Fixed Rate of 5.09% I have all the original paperwork and it clearly states that the early repayment charge would have been £2,600. Had I been informed that I was allowed to change my mortgage due to a change in T's&C's I certainly would have looked for a better deal, especially since the housing market crashed and we could have got a much better deal.
I have googled a few websites which have confused me even further. Before I call the Santander information line is anyone able to advise me if I am likely to be affected by this?. I am sure they will say I'm not I have little faith in financial institutions to be honest and truthful. Any help, advice and guidance would be greatly appreciated.0
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