Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
Page 2
  • kingstreet
    Update on this from L&G Mortgage Club;-

    SANTANDER TO PROVIDE CLARITY TO 270,000 CUSTOMERS

    In December 2008 Santander increased their Standard Variable Rate (SVR) Cap Margin. Some customers, at this time, may not have been fully aware of the implications of these changes. Santander is mailing customers who were affected by these changes. Some customers who had an SVR-linked mortgage with an Early Repayment Charge (ERC) with Santander, at the time the Cap Margin was increased, may not have known they could have repaid their mortgage ERC free for three months after the increase. Santander are mailing over 270,000 people.

    Due to these changes, all products will have new product codes.

    All affected customers will receive a letter between April and November 2013, letting them know what they need to do. Only Abbey customers with a balance on their mortgage in 2008 are affected.

    Alliance & Leicester customers are not affected

    Santander are not increasing their SVR

    If customers contact Santander once they’ve received their letter, Santander will record and review their case. All cases will be reviewed on an individual basis depending on the customer's personal circumstances. The majority of mortgage customers would not have suffered any detriment as a result of the original communication in December 2008.

    HOW DOES THIS AFFECT YOU?

    If one of your customers receives a letter, they can go to the Santander website and enter the individual code shown in their letter to see the relevant FAQs. If they’d prefer to speak directly to someone, they can call the dedicated telephone team on 0800 389 6370.

    If your customers don’t receive a letter between April and November 2013 they’ll not have been affected. Santander is recommending that customers should wait to receive a letter before contacting them.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Not here for your business. We only work "face to face" in the West Midlands and Staffordshire, if you aren't buying from one of our builders.
  • spangles1967
    I have been with abbey/santander since 2000.All of my deals have been fixed rate,unsure which years my fixed rates were renewed,my morgage is due to be paid in full Dec this year..Im a bit confused by it all,any advice would be much appreciated,thankyou
  • Jed Exodus
    I got this letter today, has there been any advice yet? Like a couple of others here I took out 5 year fix at 5.9% in 2007, then spent the next 4 years looking to get out of it as the rates dropped. If I'd known in 2008 I had an opportunity to pay it off without a fee I would have switched.
  • kingstreet
    I got this letter today, has there been any advice yet? Like a couple of others here I took out 5 year fix at 5.9% in 2007, then spent the next 4 years looking to get out of it as the rates dropped. If I'd known in 2008 I had an opportunity to pay it off without a fee I would have switched.
    Originally posted by Jed Exodus
    As I posted last week;-

    If one of your customers receives a letter, they can go to the Santander website and enter the individual code shown in their letter to see the relevant FAQs. If theyd prefer to speak directly to someone, they can call the dedicated telephone team on 0800 389 6370.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Not here for your business. We only work "face to face" in the West Midlands and Staffordshire, if you aren't buying from one of our builders.
  • bexstar07
    Wow! I came on here looking for some advice... Don't think il bother!
  • bexstar07
    I got this letter today, has there been any advice yet? Like a couple of others here I took out 5 year fix at 5.9% in 2007, then spent the next 4 years looking to get out of it as the rates dropped. If I'd known in 2008 I had an opportunity to pay it off without a fee I would have switched.
    Originally posted by Jed Exodus
    Exactly the same deal I had. I was the same. Phoned up a few times and asked how much the exit fee would be when the rates dropped. I think we could be owed something maybe..
  • Jed Exodus
    Kingstreet the website shown on the letter doesn't really give much information other than explaining further what's in the letter. What I think everyone who was in my situation wants to know is if they can claim their money back. If I had switched in 2008 I would have saved somewhere in the region of 10,000. I don't think Santander are going to be keen on letting me know themselves if I have a claim for this amount of money, that's what this site is for.
  • kingstreet
    Until someone actually contacts them and finds out their situation we can only follow the instructions given. Someone has to bite the bullet and be the "guinea pig" for everyone else.

    I didn't have a mortgage with Abbey - not since 2000 anyway.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Not here for your business. We only work "face to face" in the West Midlands and Staffordshire, if you aren't buying from one of our builders.
  • kr01
    hello I got a 5 year fixed rate mortgage in Dec 2006 this was then abbey.
    I got a letter off them today but could not understand it I rang them and they just said it did not affect me as I was on a fixed 5 year deal after this it would revert to the svr
    I was looking for my mortgage papers and it says that if I wanted to repay any of the mortgage within the 5 years I would have to pay early repayment charge.
    I don't trust any of these people and just wanted to know if this is right or not thanks
  • Jed Exodus
    That's my situation too, the recent letter they sent doesn't really say that, in fact it implies that I'm unaffected by all this but I keep asking the question, why did they write to me if that's the case? I guess I'll be giving them a call next week if not tomorrow and will post updates here.
  • Sadnbroke
    We had a 2 year tracker deal that finished Feb 2007, we then went on to a 10 year fixed deal at 5.9% as that was the only deal we could afford. We were not told we could change.
    Over the period we have asked many times if we could change, but were told not without paying the excessive exit fees. I telephoned them today but they said we are not affected as the deal was done prior to 2008.
    I have made a complaint and they have given me a complaint number, but they said the complaint will be declined.
    I have always felt that we were miss sold this 10 year deal, and it was rushed through, if we had known at the time we had other options we would not have signed up. Any advice or help would be much appreciated.
    Last edited by Sadnbroke; 03-05-2013 at 11:07 PM. Reason: spelling.
  • fishing mad
    Dec 2006 – Dec 2008
    2-yr tracker @4.87% - 6.94%

    Dec 2008
    SVR @5.44%

    Jan 2009

    Feb 2009
    @4.69%

    July 2009
    5-yr fixed @4.79%
    [plus Booking Fee and Transfer Fee 524.00]



    Having taken out a mortgage with Abbey in 2006, we finished a 2-year tracker in December 2008. After this we reverted to the SVR until July 2009 when we changed to a 5-year fixed deal. Should we be candidates to receive a letter from Santander about the failure to inform about the cap increase and the option to terminate the mortgage penalty-free?
  • adhddog
    I am a Santander customer and have recieved a letter from them saying I may be affected. I am confused as to what to do next. What information should I have before I phone them???

    Thanks
  • fishing mad
    Having taken out a mortgage with Abbey in 2006, we finished a 2-year tracker in December 2008. After this we reverted to the SVR until July 2009 when we changed to a 5-year fixed deal. Should we be candidates to receive a letter from Santander about the failure to inform about the cap increase and the option to terminate the mortgage penalty-free? Advice gratefully received.
  • Vector
    I think I may be one of those affected but would appreciate opinions!

    I took out my original mortgage in 2003, this was renewed on a new 2 year fixed rate in 2005 and then for a further 5 years, expiring in November 2010.

    During this time we moved house, (April 2007) and Santander set up an another loan in addition to the original one but this was on a 2-year fixed rate. We had 2 parts to the one mortgage and this was all done under the same mortgage account.

    Basically when the new deal expired we were forced to go onto the SVR for 18 months until the original deal expired. We were told at the time that unless we paid the penalty charge for the original deal then we had "no choice" but to wait until both had finished to bring things into line. Luckily the SVR was lower than our expiring deal so we were OK, but it could have been a lot higher and we would have had 18 months of increased payments.

    The SVR we paid for these 18 months was 4.24 and Santander have admitted the highest they could have charged was 3.00 so I think I may have got a strong case.

    We did actually stay on this SVR for a further 5 months after both deals had ended but we could have exited without penalty at any time during this period. This still doesn't escape the fact that they were overcharging us!

    I phoned Santander but as we no longer have any accounts with them at all, (another story......) they couldn't verify the security questions. They will therefore be sending out forms for me to complete.
  • fishing mad
    Thank you very much indeed for replying to my post (35/37).

    I have looked through all our documentation and we definitely did not receive any information about the cap increase or any offer/option to move mortgage.
  • almond
    can you help, I had a fixed rate at time and rang I was told not effected me but made them send me a form, it arrived yesterday and from what I can see its trick questions, any advice how to fill it in.
    I was going to put in note section that I have a long term partner and if I had known I could moved we would have taken a joint mortgage which would have meant he could be on deeds of the house. if I was to put him on deeds now it would cost about 1000 I asked a few years ago. Also partner sold him house last year and could have used the money to pay off part of the mortgage.
    As it stands now we are staying here for a couple of years then downsizing so we can buy cash.
    any advice welcome since I don't want to fill the form in wrong,
    thanks
  • almond
    I'm not the best person to give advice one to one, as I'm just a punter just like you. I will say this though...If you are not sure about how to fill it in get yourself to the Citizens Advice and I'm sure they will point you in the right direction as yours seems a tad on the more complicated side.

    Sorry I'm not more help.
    Originally posted by TheMightySwordfish
    thanks its just looking at the form I think Santander are trying to trick us in to saying it would have made no difference
  • vivster
    Hm. Got the letter today. Have checked out the website as well.

    I was on a 2-yr fix with Santander during this period. My fix ended in May 2009 and then I just went onto the SVR until I sold the property and paid off the mortgage in 2011.

    They seem to be saying that people on a fix would have had to have had to pay an ERC if they had wanted to switch, therefore I am unaffected. What's not clear is if the hike in the cap margin triggers a three-month ERC-free period even if you were mid-way through a fix. If I could have switched penalty-free at this time, then I would have.

    It's very strange to get a letter saying 'we are writing to you because you are affected, but actually you are unaffected.'

    I might ring them up and see if I can get this questionnaire sent to me.
  • TJI999
    I was on a 2 fixed term mortgage which ended on Sept 2009 with Santander when it converted to the SVR.
    I got married in May of that year and considered moving mortgages and having a joint mortgage with my wife but the advice I received at the time was that it would not benefit me to do this.
    I am annoyed that I was not told about these changes as would have looked a lot more at the other offers around at the time.
    I've just requested a complaint form but no idea whether I'll actually be entitled to any compensation.
Welcome to our new Forum!

Our aim's to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

408Posts Today

3,450Users online

Martin's Twitter
  • RT @stellacreasy: Walthamstow- if you were one of the 100 who helped lifted the bus to rescue that poor cyclist. Just Thank you. #proudmp #?

  • RT @itvthismorning: Should Sam and her husband get a loan to pay for a dream trip? They dared to ask @MartinSLewis... so what did he say? h?

  • Rare Tesco 500 extra pts code (worth £5-£20) for new AND exist cust if you do £60+ online food shop. Ends tomorrow http://t.co/3PBwqjFNRb RT

  • Follow Martin