MSE News: Mortgage blow as building society hikes SVR

The_Dentist

I asked the Society (nicely! - honestly I promise.) to provide me with a copy of their legal advice which suggested that they have the contractual right to do as they have done.

I am not convinced that asking a members based organisation for a copy of legal advice is necessarilly an unreasonable request. I have provided them with my legal thoughts by writing to them in such terms. Recipocracy does not seem unreasonable!

Not unexpectedly I was told the Society would not be providing me with a copy. This denial was based on legal professional privilege.

I thought that was a bit strange. I don't know what legal privilege has to do with it. They could have said it was commercially sensitive or that it was not in the interests of the Society as a whole to do so or something of that nature. Legal privilege is a right not an obligation. There is no legal need not to provide me with the legal advice.

The_Dentist

Does anyone else think it is slightly strange that Mr C. is sending out the final response letters personally?

I am sure the Society thinks this is a nice touch and it differentiates them from a bank etc but I think it is plain ludicrous.

Most people will have made complaints which either relate to Mr C. personally (his March 2009 statement) or the board's decision in relation to mortgage contracts, which they will allege the board has no right to do. Mr C. of course sits on the board.

My instinct tells me that if you complain about something it is against natural justice and procedural fairness for that person to act as judge or indeed play any part in the complaints process. There is even an FSA Handbook rule which require the internal complaints process to be impartial.

This looks procedurally suspect to me. Mr C. should be staying well away the internal complaints process.

I am going to raise this with the Ombudsman and the FSA. Will let the thread know how I get on.

Dan_1976

yaaaaaaaaaaaaaaaaaaaaaaawwwwwwwwwwwwwwnnnnnnnnn

The_Dentist

I have received my AGM voting pack. I hope like me that everyone is voting "NO" online to every resolution proposed in protest at the decision to scrap the SVR Guarantee?

Has anyone ever been to the AGM? I quite fancy attending this year. Might be "fun".

VIGILANT22

Dan_1976 wrote: »

yaaaaaaaaaaaaaaaaaaaaaaawwwwwwwwwwwwwwnnnnnnnnn

..................................:)

Dan_1976

At last we agree!! LOL

Thrugelmir

Dan_1976 wrote: »

At last we agree!! LOL

I'm attending the AGM.

jdw2000

Hello Experts,

I have a BTL with Skipton. Recently, I came off a 3-year fixed-rate. I am now on an SVR of 4.95%.

Can somebody please kindly sum up the latest news on whether we can get Skipton to honour their promise of not put us more than "3% above the BoE base rate".

I'd really appreciate that, rather than reading through 20 pages.


Thanks in advance.

Thrugelmir

jdw2000 wrote: »

Hello Experts,

I have a BTL with Skipton. Recently, I came off a 3-year fixed-rate. I am now on an SVR of 4.95%.

Can somebody please kindly sum up the latest news on whether we can get Skipton to honour their promise of not put us more than "3% above the BoE base rate".

I'd really appreciate that, rather than reading through 20 pages.


Thanks in advance.

No experts. Just a mix of opinions.

Suggest you skim through the thread, as they are valid points from many posters on both sides of the debate.

Personally I feel a court case is required in order to establish a precedent for the future. The downside is that cheap mortgages will never return though if Skipton were to lose the case. As lenders will merely rewrite future contracts so as to protect themselves.

MarkyMarkD

That will apply either way, Thrugelmir. No lender's going to be daft enough to write an unfloored tracker rate product ever again, IMHO, but they'll make sure that the "small print" is in the KFI now.