Abbey mortgage issue - should I pursue this?

phfjones

Dear all,

I hope this excellent forum can give me some advice on a mortgage matter.

I contacted Abbey in September as I thought my mortgage product expired in December this year, and I needed to re-negotiate a new rate. When I rang the call centre rep said he could not help with any new rates as my mortgage rate expired on the 15/02/2010, and suggested I call back with 90 days of this date and he would provide options to me. As I believed my mortgage expired in December, I asked for clarification on this date and he confirmed that 15th February was the date my mortgage expired.
As I had five months before the February deadline, I decided to wait until before Xmas until I looked at this again. In the first week of December, I was then surprised to receive a letter from Abbey saying that my mortgage expires on the 1st December, and my new rate of the std variable will now apply
I have contacted Abbey to understand the miscommunication, and after listening back to the recorded call in September, the Call Centre Manager agreed I was given incorrect information, and apologised.
However, she had said there was nothing that she could do as the product has now expired and there ‘is nothing she can do’.
I now have to work on their new std variable rate which is considerably higher than before, as I have been on a very low tracker, which has saved me a lot of money in the last two years.
Should I just accept this?
I do not have enough time now to evaluate my mortgage, and whilst the quickest option is to get Abbey’s best deal, there are much better deals in the market, and I would like some time to see what is out there.
My new rate stats on January 1st, and I feel I am trapped.

I suspect I am looking to involve the FSA, as I am being quoted Abbey process, and what can’t be done, rather than what can. However, Am I right to pursue this?

Any help greatly received.
Thank you



Ps : We got to the bottom of the problem. I have two products running, and the first expires in December and the second expires in February. The call centre rep had misread the system, and given me the last date for the whole mortgage.

dimbo61

You have to complain to abbey first and then FSA but I think you are wasting your time!
Better to look round for a new deal either with Abbey to start on the 15/02/2010 or with another lender.
You cant move lender until both your deals run out without paying an ERC
Check what your mortgage reverts to at the end of the current deal.

jill2002

Let me get this straight...... part of your mortgage is on a deal that expires 1st December and the other part expires February 2010 ?

So, if you had have done something on your first phone call in September, you would have still had part of your deal changing now and the other half in February - and probably paid two new product fees. Or you could have paid the Early Repayment charge on the February one. Or you could do exactly what you are doing now and waiting till February.

Also I think you'll find that the deals available to you now are probably better than they were in September, even though they may be higher than you are used to

Trollfever

Just for clarification.
When you have exhausted the Abbey complaint system, you will then take it to The Financial Ombudsman Service.



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phfjones

Thank you for your responses. It looks like I should channel my energies in finding the best deal for me in February.
Jill2002- you are right, there will be better deals now, so I should 'net out' at a better deal if I wait until February.
trollfever - correct, I will go through Abbey first, and then the Ombudsman, but it looks like I may not get any real benefit from doing this.

Cheers
Paul