Are Santander misleading?

Mick_Cranes_Sidestep

I am getting close to a fix ending and was scouring the market and decided to start with my current lender (santander). Online, they offered an 85% ltv 2 year fix for 3.49% plus fees.

When I rang up as an existing customer, they offered 1% higher stating that the web rate was a headline rate.

Now I am hoping someone from MSE towers can advise, but nowhere on the mortgage pages does it state that the rates are typical APR and they will depend on your circumstances.

Is this a case of different rates for new customers and existing.

Anyone else have experience of this happening? I have logged a complaint and will get the final letter to pursue this further if required, but I understood any typical rates had to mention that they were typical based on credit scoring.

Thrugelmir

Mick_Cranes_Sidestep wrote: »

but I understood any typical rates had to mention that they were typical based on credit scoring.

What's "typical" ?

Rates are based on commercial decisions with regards to risk and cost of funds. At any given point in time.

Credit scoring is subjective. As depends if lender is actively looking for business or not.

There's no right to a mortgage. As a consumer you have the option of voting with your feet.

Mick_Cranes_Sidestep

I realise I may not qualify for their advertised rate, but what I was told is that the rate was a headline rate and not everyone would get that mortgage rate. just unhappy with the lack of clarity on their mortgage pages on the web.

Thrugelmir

Mick_Cranes_Sidestep wrote: »

I realise I may not qualify for their advertised rate, but what I was told is that the rate was a headline rate and not everyone would get that mortgage rate. just unhappy with the lack of clarity on their mortgage pages on the web.

Possibly not able to quote precise rates at this point in time. Insurance companies are similar.