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

almond

TheMightySwordfish wrote: »

Kinda does, yes. A few months before the end of your fixed deal you got a "top up" and that was @ the svr (not sure of the circumstances why). When your fixed rate ended you got another fixed rate. From the sounds of it you still have "2 mortgages" Were you unable to combine the two in the new deal?

that looks like it yes and one is svr but I got a m001 letter
do you think I should send a copy to Santander

merrydance

Hi

Received my questionnaire form today. Could somebody please advise me what I should answer to question D2.

Thanks

almond

merrydance wrote: »

Hi

Received my questionnaire form today. Could somebody please advise me what I should answer to question D2.

Thanks

i put in a covering letter stating the facts and on d2 just put see letter attached

sharpei65

Hi all,

My letter arrived (Ref M004) last week and I'm just trying to get my head round what it means and I've gone through all the posts on this thread.

My problem is that I switched to a different lender in 2010 and no longer have any of my Abbey/Santander paperwork to look back on.

At one point I did have a 3 year fixed rate followed by a compulsory 2 year SVR (with linked epc) but this could have been prior to 2008 as once the 5 years were finally up I took out another fixed rate product which may be what I had in 2008. I did have 2 parts to my mortgage though....different rates and terms, but I can't remember all the details now.

If I ring Santander and ask them to check my files, they will probably just say I'm not affected by this. But how can I challenge them if I havent got any details???

Thanks
Kay

suzandthecity

Hi all
I called the helpline and they tried to get me to complete a form over the phone, I refused and they have sent me a form to fill in (my letter was 001).
During the phone call I was told I wasn't affected as I was on a fixed rate mortgage and when this reverted to the SVR I was free to leave. .
In March 2007 we took out a mortgage with Abbey - two parts totalling £274,799 for 2 years 2 months, on a Fixed Rate of 5.09% I have all the original paperwork and it clearly states that the early repayment charge would have been £2,600 whilst on the fix.
I feel that as I didnt know that they had raised the cap margin when I went onto the SVR, I wasnt able to make an informed choice.
Is it worth me complaining? Does anyone have any advice on how I fill in the form - it is very confusing.
Many thanks

fishing_mad

I have yet to receive a letter - if indeed I am deemed eligible.

December 2006 - Took out 2 year tracker mortgage.

Part A
4. Description of Mortgage
- 2 parts: (Loan1/Loan 2)
- Repayment Method (on both): Intertest Only
- Description of Interest Rate: A variable rate which is 0.13% below the Bank of England base rate, currently 4.75% for 24 months
- Initial Interest Rate payable: 4.62%

'In respect of loan 1 (and 2) after 24 months, interest will be charged at Abbey's standard variable rate, currently 6.75%, for the remaining term of the mortgage'.

'Further details of how interest is charged are set out in our enclosed Standard Mortgage Conditions booklet (2006)'. I do not have this booklet and therefore I do not know what is stipulated in relation to 'Interest and the variable rate'.

10. Early Repayment Charges
- '₤5,376.40 plus a fee which is currently ₤225.00'

Part B
Details of any conditions that need to be met before the completion of this offer - hmmm - I could write a book on this but I will hold back from passing comment.

Part C
Details of any other conditions that are a term of your mortgage.
4. 'You may not transfer your mortgage to another one of our products until 3/10/08.

The mortgage offer was made at the end of September 2006 but did not come into effect until December 2006. I am presuming that is why October was given here as it marks two years since the offer was made.

Although it was not a compulsory part of the deal we moved onto the SVR in December 2006.

I remain unclear as to who is eligible and why!

almond

I have t&c booklet 2006 (feb) if that's of any help

TheMightySwordfish

Will be good if you could scan it. Perfect if you could make it a .pdf
Thanks for your efforts.

almond

TheMightySwordfish wrote: »

Will be good if you could scan it. Perfect if you could make it a .pdf
Thanks for your efforts.

I will scan it later for you

fishing_mad

Thank you very much for taking the time to respond. Are the T and Cs you mention specific to Feb 2006 or do they apply to the entirety of 2006?Specifically I am wondering if point 10 ('Interest and the variable rate') in 2004 T and Cs is the same in the 2006 booklet?