Santander Mortgage Customers

frankw5

A word of warning for Santander mortgage customers

Santander, or at least the Abbey part, have a very annoying policy of not informing customers if they are in arrears on their mortgage, unless the amount is equivalent to or greater than one months payment.

"How can this effect me?", I hear you ask. Well, if you have arrears on your mortgage account in the past 12 months it will be very difficult, nearly impossible, to obtain further borrowing, to change borrower or port your mortgage.

Just thought you would all like to know

Thrugelmir

If you not paying your mortgage I thought that you would aware of it. Not the lenders responsibility to monitor this, particularly for relatively small sums.

frankw5

Well the thing is, some people have had fees on their account, sometimes for years, and they were not notified. I think a polite call would be good customer service. If that doesn't happens and the customer is not informed, why is the customer then penalised for not knowing they were in arrears? Seems unfair.

Thrugelmir

frankw5 wrote: »

Well the thing is, some people have had fees on their account, sometimes for years, and they were not notified. I think a polite call would be good customer service. If that doesn't happens and the customer is not informed, why is the customer then penalised for not knowing they were in arrears? Seems unfair.

What fees are charged on mortgage accounts that borrowers aren't aware of? Lenders are required to send out annual statements of account. So unsure why people wouldn't be aware of the state of their mortgage accounts.

If you want a personal banking service then expect to pay for it. Something which the majority of people don't wish to, preferring a lower rate of interest.

Ultimately its down to each individual to be responsible for their own financial affairs.

You obviously have a personal gripe. Put it down to experience and don't make the same mistake again.

frankw5

If you want a personal banking service then expect to pay for it.

So people should be denied the ability to port, change borrower and get extra funds due to lack of customer service. Got ya.

Ultimately its down to each individual to be responsible for their own financial affairs.

And it is up to the lender to inform customers if they have arrears.

You obviously have a personal gripe

Wrong.

Wutang_2

frankw5 wrote: »

If you want a personal banking service then expect to pay for it.

So people should be denied the ability to port, change borrower and get extra funds due to lack of customer service. Got ya.

Ultimately its down to each individual to be responsible for their own financial affairs.

And it is up to the lender to inform customers if they have arrears.

You obviously have a personal gripe

Wrong.

you loco,

How do you not know if you have arrears!!

frankw5

How do you not know if you have arrears!!

Simple, just say for example you are late with a payment, you then make the payment but a charge goes onto your account. That will stay on there until it is cleared. Or, you go on to SVR for a month and do not realise. Some people have a standing order set up as opposed to a direct debit. There are a few reasons. Oh yes, the worst one of all, joint mortgage and person A decides to screw over person B and not pay. Nasty stuff that.

frankw5

If you want a personal banking service then expect to pay for it. Something which the majority of people don't wish to, preferring a lower rate of interest.

Mortgage exit fee covers the administration and customer service of the mortgage

andyhart44r

frankw5 wrote: »

If you want a personal banking service then expect to pay for it. Something which the majority of people don't wish to, preferring a lower rate of interest.

Mortgage exit fee covers the administration and customer service of the mortgage

Yes, mortgage EXIT fee. administration costs incurred on setting up and particularly closing your mortgage.

One thing you are correct on is that you aren't classed as being in arrears until it is equal or more than your monthly payment.

andyhart44r

frankw5 wrote: »

How do you not know if you have arrears!!

Simple, just say for example you are late with a payment, you then make the payment but a charge goes onto your account. That will stay on there until it is cleared. Or, you go on to SVR for a month and do not realise. Some people have a standing order set up as opposed to a direct debit. There are a few reasons. Oh yes, the worst one of all, joint mortgage and person A decides to screw over person B and not pay. Nasty stuff that.

Read your T&Cs. You are jointly and severally liable for the payment of the mortgage. don't blame the bank if your partner screws you over. They have done the decent thing and provided you with a service, don't take it out on them

frankw5

One thing you are correct on is that you aren't classed as being in arrears until it is equal or more than your monthly payment.

I`m right on all of it . And yes it will not effect your credit rating as it is not one months payment but will have an effect on your behavioural score.

You are jointly and severally liable for the payment of the mortgage. don't blame the bank if your partner screws you over. They have done the decent thing and provided you with a service, don't take it out on them

Correct and who it "taking it out on them"? All I am doing is highlighting a flaw in their policy which has a negative effect on customers.