MSE News: Mortgage blow as building society hikes SVR

jdw2000

Hello all,

Please could someone kindly give me an update on what is happening with Skipton?

Are they going to reduce their rates? And are they going to refund their customers?


Thank you very much in advance,

jason

MarkyMarkD

Er, no and no.

Obviously.

They wouldn't have gone to all the effort of getting the FSA to OK the deal beforehand, just to cave in because of some sabre rattling from a few consumer groups.

howardtheduck

jdw2000, ignore MarkyMarkD, he doesn't have a clue what he is talking about. I've written to the FSA (and the OFT) providing all the relevant caselaw and legislation in respect of Skipton's SVR rise. Given the complexity of the points I have raised, the FSA is seeking legal advice as the case of Tandrin Aviation Holdings Ltd v Aero Toy Store LLC [2010] EWHC 40 (referred to in my earlier posts) had not been decided at the time that Skipton announced the SVR rise (after supposedly being given the greenlight by the FSA). Tandrin Aviation followed a long line of authority and confirmed the decision in Thames Valley Power v Total Gas and Power [2006] 1 Lloyd's Rep 441 that changes in economic circumstances or the tightening of credit markets cannot generally constitute an event of force majeure, and that this well-known principle applies even in an extreme economic downturn

I'll let you know what's happening as soon as I have a detailed response from the FSA.

In the meantime, you might want to take anything MarkyMarkD and his lackeys Vigilant22 and Thrugelmir have to say on the matter with a pinch of salt.

Thrugelmir

howardtheduck wrote: »

I'll let you know what's happening as soon as I have a detailed response from the FSA.

Didn't you join the Leon Kaye class action?

howardtheduck

I'm perfectly capable of fighting my own legal battles and I intend to do so by arguing a parallel with force majeure and the application of the contra proferentem rule. The crux of Leon Kaye's class action is the UTCCR and the fairness (or otherwise) of the "exceptional circumstances" term. If Leon Kaye wins, everyone (except Skipton) wins. If I win, everyone (except Skipton) wins. It's a win-win situation.

jdw2000

I'm assuming then that nothing ever came of the action to get Skipton to honour their promise?

savemoney01

If anyone has any updates to this I'd be grateful - have written loads of letters to Skipton complaining to no avail - tried to move to another company they would not take me even though I earn twice the salary than when I took out the mortgage and it is for less than I am paying with skipton (I did not meet their affordability criteria) - therefore I am currently shafted having to pay extra £100 a month for the privilige of being shafted!

jdw2000

Apparently, Skiptonn will be re-entering the BTL market very soon...