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

LisaV

Hello all,

does anyone know the notice period that Santander should have given to mortgage customers of the cap margin change?

TheMightySwordfish

30 Days for an increase, 7 for a reduction but this is for the rate, not sure if the cap is with the same notice periods.

almond

do we have any ideas when we should expect letters saying our claims are now being looked at , I sent my form a couple of weeks ago

TheMightySwordfish

Two_steps_forward... wrote: »

This is just a guess but I imagine they are assessing the claims they have in front of them so far and are looking to see where they can make some sort of split? They probably want to compare the different circumstances and strength of arguments to see if they can tell a clear story at the end of all this so that when facing FOS they can take a stance that they can defend.

So some will get a straight rejection, some will be asked for further information and maybe some will get a quick low offer to see if they can be fobbed off?

Just a thought, might have it completely wrong.

From the little feed back and evidence, this would seem to be the likely situation that will happen. As with everything in this thread, it's only my opinion

charlie3090

Hi all,
I wonder if anyone could advise as I am really confused by this.
I have recieved a letter ref no MO13 and a questionnaire.
I have had this mortgage(was abbey) since 2000.
4 loans,1 is interest only(£40.000) and 3 repayment coming to approx £50,000.
I found my 2008 mortgage statement and on it it states early repayment charges amounting to £2756 approx.
I didnt even consider moving my mortgage because of the fees.
the rates went from 6.54 in jan 08 to 4.14 in dec 08.

Please could somone advise me if I should fill the questionnare out or have I got this all wrong as Im reading this as that I could have changed mortgages and got a cheaper deal if I had been told about being able to exit within 3 months of the cap margin increase.
many thanks,
Charlie.
Apologies for the long post and thankyou for reading this.

TheMightySwordfish

No need for the apology. I think I'm right in thinking that you are our first M013. Did you say that you got the questionnaire with your letter?
You have nothing to gain by not filling it in and possibly a lot to gain if you do.
It boils down to this... This definitely effects people who were forced onto the svr after their deal ended, but that's not to say no one else was.

Fill it in.

charlie3090

TheMightySwordfish wrote: »

No need for the apology. I think I'm right in thinking that you are our first M013. Did you say that you got the questionnaire with your letter?
You have nothing to gain by not filling it in and possibly a lot to gain if you do.
It boils down to this... This definitely effects people who were forced onto the svr after their deal ended, but that's not to say no one else was.

Fill it in.

Thankyou so much for your prompt reply,I will fill it in,basically what my letter says under "how this affected you" is that "when we increased the cap margin in dec 08 all or part of your mortgage was on an svr linked product which was subject to an erc.

We should have told you that you were entitled to exit this part of the mortgage without paying the erc for a period of 3 months between 15th dec 08 and 15th mar 09,your payments were higher than they would have been had we not increased the cap margin.
At that time you may have been able to switch to another lender without paying an erc on the part of you mortgage affected by the cap margin",
it goes on some more then says,
"we have considered the info available about your credit history and outstanding mortgage balance as a percentage of the value of your property at the time of the cap margin increase and based on this info we have compared the mortgage rate you were paying againgst rates that were available to you,

as a result if you had known you could have switched without paying an erc,we have identified you may have been able to obtain a more competitive mortgage by switching to another lender during the 3 month erc free period if you had wanted to".

What do you think?,sounds like an admission to me.
again apologies for the long post but this is only a small part of the letter,
Charlie.

TheMightySwordfish

Agree completely. No doubt you could have found a better deal had you been told. If you don't mind, could you keep us posted with your progress. Good luck with the questionnaire. If you need any help with it, just ask.

charlie3090

I will keep the thread updated,
thankyou so much for your support and I will be back for some assistance with my form filling just to make sure I dont mess up,
have a great weekend,
Charlie.

charlie3090

Hi Two Steps,
Im still digging out paperwork but what I have found so far is,
this is dated dec 06,
loan 1 is svr at 6.5%,
loan 2 is transferred from prev mortgage variable at 1% above base rate which was 4.5%, so 5.5%,
loan 3 same as loan 2,
loan 4 is svr at 6.6%.
I am still looking for other bits but I am a paperwork hoarder so Im sure there is more to be found.
on my 2008 mortgage statement the rate dropped 2.5% over the year and it says the feature end date was july 2011 so I guess I was in a fixed 5 year term from 2005 to 2011,
thanks for your help,
Charlie.