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

me03

Thanks for your reply.

Could I please ask if when I phone for the questionnaire I need to state why I would like it? (ie would I need to state any info regarding my mortgage and which part was affected etc) as I really dont want to ring, only for them the make a mockery of my call!!

Thanks

me03

I agree, I have never been so baffled about something in all my life - just a straightforward letter or even the questionnaire included in the letter to try to make things a little clearer regarding which questions they would like answers to would of been a much more customer friendly way of doing things.

I can understand that they dont want to part with their money but if they have done wrong then they need to make it right!

Thanks again

TheMightySwordfish

The bottom line of the call is that you would have acted differently had you been told all the facts at the time (nov-dec 2008).

me03

Thank you all, I will keep you updated on how I get on.

mrb1972

almond wrote: »

I was on fixed , the reason we believe we have been affected is we weren't told about increase and being able to have the option to leave, ask for a form its not going to do any harm

I was also on fixed but according to my letter it seems to state that the "3 month option to move mortgage without having to pay the early repayment charge" only applies to SVR mortgages, if you were on a fixed rate the 3 month window does not apply to you.

Have I got that wrong?

TheMightySwordfish

Thank you for your post, but I'd question your quote.
If you were on the SVR you were free to move Mortgage.
The main issue is if you were forced onto the SVR at the time, but it opens a whole can of worms for fixed and trackers.

As you can see....complicated.

almond

Standard variable rate (SVR)

Most mortgage lenders have a standard variable rate of interest. It is usually the rate that mortgages revert to after a fixed or tracker product period ends.

http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&canal=CABBEYCOM&cid=1237869824449&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateG
thought I might be worth keeping these links , relating to types of mortgages offered

almond

Understanding Early Repayment Charges



Coming out of your mortgage deal early
On some products if you choose to repay your mortgage within the introductory incentive deal period, or you make a repayment of more than 10% of your mortgage balance, you will need to pay an early repayment charge (ERC). These charges differ by product type and term.
Fixed Rate products
We calculate our ERCs on our Fixed Rate products as a percentage of the outstanding mortgage balance at the time of repaying the mortgage. Current charges are as follows:

Initial Fixed Period
2 Years
3 Years
4 Years
5 Years
10 Years
15 Years
Percentage ERC
3%
3%
4%
5%
6%
7%

Variable Rate Tracker products
We calculate our ERCs on our Variable Rate Tracker products as a percentage of the outstanding mortgage balance at the time of repaying the mortgage. Current charges are as follows:

Initial Tracker Period
2 Years
3 Years
5 Years
10 Years
15 Years
Percentage ERC
2%
2%
3%
4%
5%

Benefit packages and solutions
If your mortgage product has a benefit package, such as Homebuyer Solution or Remortgage Solution, you will also be charged a fixed ERC amount on top of your percentage ERC amount if you choose to repay your mortgage before the end date on your benefit package. The additional fixed amount payable varies by benefit package as follows:

• Remortgage Solution - You will need to repay £250 cashback or a maximum of £200 for the remortgage legal work
• Homebuyer Solution - You will need to repay the £250 cashback

Details of the ERC payable will also be shown on your mortgage quote Key Facts Illustration if you choose to apply

almond

I have googled svr erc charges and nothing on Santander, makes no sense why if you were on svr which means you can move mortgage whatever , the only way I can think is if you got solicitor fees paid
but we still should have had a letter

TheMightySwordfish

I wonder why you can't get their current rates on one page....or at all. *hummm*