MSE News: Thousands of Santander mortgage holders could get payouts after blunder

Former_MSE_Helen

"Santander failed to clearly notify 270,000 Abbey customers it was hiking the cap on their mortgage SVR in December 2008..."

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Thousands of Santander mortgage holders could get payouts after blunder



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tbones1957

I moved my mortgage from Abbey in 2006, so assume I'm not affected. However I moved it to Skipton BS, who increased their SVR to 4.95% from 3.5% when the rates began to fall. They did let us know about it, but the information was in the "small print" and as no one expected to need it, I'm sure we weren't informed before they sent the letter. I understand this was questioned at the time, but never heard any more about it. Are they likely to reimburse me or is it dead in the water? It's cost me at least £460 in mortgage payments alone. The 3.5% rate was introduced in April 2009, but not increased to 4.95% until March 2010. You would think they must have been ok with it to begin with. Why increase it?

bigadaj

tbones1957 wrote: »

I moved my mortgage from Abbey in 2006, so assume I'm not affected. However I moved it to Skipton BS, who increased their SVR to 4.95% from 3.5% when the rates began to fall. They did let us know about it, but the information was in the "small print" and as no one expected to need it, I'm sure we weren't informed before they sent the letter. I understand this was questioned at the time, but never heard any more about it. Are they likely to reimburse me or is it dead in the water? It's cost me at least £460 in mortgage payments alone. The 3.5% rate was introduced in April 2009, but not increased to 4.95% until March 2010. You would think they must have been ok with it to begin with. Why increase it?

Simple answer is to shop around for a better deal and keep an eye on your mortgage rate either every say six months if your rate is variable or at the end of any fixed rate deal.

tbones1957

Hi thanks for the reply, but it's not that simple. My mortgage is in 2 parts. I moved from Abbey in 2006 and got a great deal with Skipton, but when I moved house, I borrowed another 17k and could only get their SVR of 5.75% on that part. The rate dropped quickly down to 5%, 4.5%, then 3.5% and remained there for 12 months. I still get the good rate on the 1st part, so I would lose out to move the mortgage. I'm sure if the rate had gone up 2.25% they'd have moved it up happily and pocketed the increase. It just smacks of double standards. Thanks again for the reply.

bigadaj

tbones1957 wrote: »

Hi thanks for the reply, but it's not that simple. My mortgage is in 2 parts. I moved from Abbey in 2006 and got a great deal with Skipton, but when I moved house, I borrowed another 17k and could only get their SVR of 5.75% on that part. The rate dropped quickly down to 5%, 4.5%, then 3.5% and remained there for 12 months. I still get the good rate on the 1st part, so I would lose out to move the mortgage. I'm sure if the rate had gone up 2.25% they'd have moved it up happily and pocketed the increase. It just smacks of double standards. Thanks again for the reply.

So you've got a good deal overall, congratulations but you then have no justification to say you've been had over for a small proportion of the sum borrowed.

lm121

We took or mortgage out as fixed term. And it ended around 2010, as the rates dropped i phoned them on a few occasions to ask about re-mortgaging or moving and was told i would have fees and it would be cheaper to stay where i was. Has this also been the wrong advice?

tbones1957

bigadaj wrote: »

So you've got a good deal overall, congratulations but you then have no justification to say you've been had over for a small proportion of the sum borrowed.

Hi again
I don't believe I said I'd "been had". 17k may be a "small proportion" to you, but it certainly isn't to me. With interest 22k!
I was asking a question about the Skipton and whether it was likely their actions had been above board. At the time a solicitor was looking into it. Did he have no justification to try and help people?
I was under the impression this website was here to help people save money. I certainly don't need anyone telling me, I "have no justification" to say I've "been had". Clearly you're unhappy about me having a "good deal overall".
I have to say I'm not impressed with you're reply.

bigadaj

tbones1957 wrote: »

Hi again
I don't believe I said I'd "been had". 17k may be a "small proportion" to you, but it certainly isn't to me. With interest 22k!
I was asking a question about the Skipton and whether it was likely their actions had been above board. At the time a solicitor was looking into it. Did he have no justification to try and help people?
I was under the impression this website was here to help people save money. I certainly don't need anyone telling me, I "have no justification" to say I've "been had". Clearly you're unhappy about me having a "good deal overall".
I have to say I'm not impressed with you're reply.

Everyone's entitled to their opinion, and I did say congratulations on your overall deal.

In mortgage terms then 17k is fairly small, typical mortgage might be 100k so a low percentage though your situation may be different.

Whilst this is a moneysaving site then that should rely on people being aware of their specific situation, jumping on the claims band wagon is a popular option which, lets face it, ends up being paid for by the wider populace.

Mortgage rates are at all time lows, withconsequent pain for long term frequently elderly savers who have relied on interest to find their retirement. To have someone complain that they have been unfairly treated on what appears to be a small part of their mortgage when they have benefitted form three hundred year lows in interest rates just looks petty.

I'm not sure the solicitor was helping people out of the good of his heart, again promoting the compensation culture that costs everyone money in increased premiums, fees and charges.

tbones1957

I am new to this forum and frankly find you're attitude both distasteful and unhelpful.
Here's a thought, if you've nothing to say to help, don't reply!
I certainly wish I had now ignored you're first response and will not comment further.

bigadaj

tbones1957 wrote: »

I am new to this forum and frankly find you're attitude both distasteful and unhelpful.
Here's a thought, if you've nothing to say to help, don't reply!
I certainly wish I had now ignored you're first response and will not comment further.

Fair enough we'll agree to differ.

kingstreet

tbones1957 wrote: »

I moved my mortgage from Abbey in 2006, so assume I'm not affected. However I moved it to Skipton BS, who increased their SVR to 4.95% from 3.5% when the rates began to fall. They did let us know about it, but the information was in the "small print" and as no one expected to need it, I'm sure we weren't informed before they sent the letter. I understand this was questioned at the time, but never heard any more about it. Are they likely to reimburse me or is it dead in the water? It's cost me at least £460 in mortgage payments alone. The 3.5% rate was introduced in April 2009, but not increased to 4.95% until March 2010. You would think they must have been ok with it to begin with. Why increase it?

You are not affected. You were/are not a Santander borrower in the period in question.

Your other issues, with Skipton Building Society, have been covered widely on here and could have been revealed by a simple search.

Such as;-

https://forums.moneysavingexpert.com/discussion/2326125

https://forums.moneysavingexpert.com/discussion/2218447

https://forums.moneysavingexpert.com/discussion/2373275