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

TheMightySwordfish

The current SVR, but any mortgage rate. I just keep finding calculators.

TheMightySwordfish

Isn't that a problem in it's own right?....I mean adverts have to display an apr%

mac24

No SVR mortgage,as far as I can see, incurs any sort of early repayment charge when you leave.You are free to leave whenever you choose.
This appears to effect anybody on a deal with some sort of short term to start with initially.I.E 5 year fix or 2 year tracker for example.As the SVR is the second part of your term after the initial rate then they are required,by law,to tell you of any changes they make to it so as to give you an idea of what rate you might pay when your initial rate finishes.You are by no means tied in to stay with them after the initial rate.Contractually though you should be told.
If they increase it then you have a 3 month window to move without incurring any ERC.This is clearly stated in the T&C's that i listed last week on this thread.

TheMightySwordfish

There was some that forced you to stay on the svr for a set time too.

TheMightySwordfish

me03

Just an update...

I rang Santander last night and spoke to a man who said that I wasnt affected as my mortgage was on a fixed rate until 2010 therefore I wouldnt of been able to leave anyway.

Luckily I had found more paper work which infact states that my mortgage was in 2 parts (so I could test his theory of who is affected), 1 part fixed the other part on variable - when I said this to him he went 'away' to check it out and told me that I was infact right :rotfl:. (Shame he didnt have the common courtesy to tell me about it first!)

He then said I would of been able to look for a lower interest on this part of the mortgage and began rambling lots of stuff which I really didnt understand!

I said I would like to complain about it and he said he would send out a questionnaire within 5 days and aims to have it fully sorted within 8 weeks.

At the end of the phone call I said "so just to clarify, when I receive the questionnaire I will be focusing on the variable part of the mortgage" - to which he replied "I would focus on the fixed!!":mad:

I told him how utterly confusing this all was and that when I received the questionnaire I would be ringing back with more queries.

Seems to me that either I am very stupid and dont understand much or they are deliberatly trying to make it difficult.

me03

I think you are right Two Steps Forward - it does look like those with 13 - 27 on the letter are the ones who have been affected, they have been sent out a questionnaire along with their letter.

Copied from their webiste;
I didn’t get a Questionnaire with my letter.
We have reviewed every customer’s circumstances and sent questionnaires to customers who we believe may have been potentially disadvantaged by not being provided with a clear explanation of the Cap Margin in 2008. If you have not received a questionnaire, the letter explains why we believe customers in your circumstances should not have been potentially disadvantaged. If you believe the facts we have based our review on may be incorrect please let us know.

Although I still dont undertand how if I have both variable and fixed on my mortgage then surely I should of been sent a one automatically too?

Beginning to wonder if this is going to be worth pennies (I know its about righting any wrongs and not the cash but...) and worth all the hassle!! Will they hold it against us in the future when we try to get a better deal on our mortgages?:(

mac24

me03 wrote: »

Just an update...

I rang Santander last night and spoke to a man who said that I wasnt affected as my mortgage was on a fixed rate until 2010 therefore I wouldnt of been able to leave anyway.

Luckily I had found more paper work which infact states that my mortgage was in 2 parts (so I could test his theory of who is affected), 1 part fixed the other part on variable - when I said this to him he went 'away' to check it out and told me that I was infact right :rotfl:. (Shame he didnt have the common courtesy to tell me about it first!)

He then said I would of been able to look for a lower interest on this part of the mortgage and began rambling lots of stuff which I really didnt understand!

I said I would like to complain about it and he said he would send out a questionnaire within 5 days and aims to have it fully sorted within 8 weeks.

At the end of the phone call I said "so just to clarify, when I receive the questionnaire I will be focusing on the variable part of the mortgage" - to which he replied "I would focus on the fixed!!":mad:

I told him how utterly confusing this all was and that when I received the questionnaire I would be ringing back with more queries.

Seems to me that either I am very stupid and dont understand much or they are deliberatly trying to make it difficult.

Just a quick q regarding this.
Are you saying that after your fixed rate ended you were unable to leave and had to remain on Santanders SVR for a period of time and that if you wanted to leave during that SVR period you would have incurred an early repayment penalty??

me03

Apparently so - from the letters and mortgage statements I have found it appears to me that I was tied into a fixed mortgage (for part 1) and also the variable (for part 2) until 2010. (These were obviously on different interest rates 5.74% for the fixed and 7.09% for the variable - these rates were from our 2006 statement, unfortunatly I cant find the 2008/09 ones - think I might ask for a copy of the missing ones for my benefit!)

I do remember ringing at one point and asking if we could just make part 2 of the mortgage the same as part 1 but was told no, cant remember the details or timing of this though.

As I have stated in an earlier thread, unfortunatly for me I am the type of person who just goes with the cheapest deal at the time regardless of the circumstances surrounding it!

Maybe this will teach me to pay more attention to why and to whom I am giving my money to!!

me03

Obviously once 2010 came around we were free to negotiate a new deal - although for some reason we still have the 2 parts to our mortgage.