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

almond

will be around to chat tonight, I agree breach of contract but we all need to agree on how to contact ombudsman for help

AJS33

hi,
Update to my post last weel, my partner found all his paperwork and his mortgage offer is all covered with Abbey, his terms and conditions is Feb 2006.

We went into a branch today and the branch manager new nothing of this. Can anyone let me know who is best to contact to get this form, i don't want to wait for Santander who might/might send these forms that you all are talking about.

Any help would be appreciated

Thanks

A

mac24

Can anyone clarify that there WAS a three month window of opportunity to leave a fixed rate mortgage, mid term, regardless of whether or not it was tied to an SVR for a period of time after the initial fixed rate finished ??

TheMightySwordfish

Dare I say it AJS33, I think you should ring the number. Hopefully two steps is still here and will PM you the number if he agrees.

On the wider topic, it seems that some progress has been made and Santander seem to be showing their hand in an interesting way. As said it seems a easy way out to say as you haven't changed anything, your not affected.
I would argue that is exactly why you haven't changed.

No disrespect to the older on here but they tend to sit and stay. Only when shown they can save do they do something about it.

We'll see what happens soon, I guess.

TheMightySwordfish

mac24. I think what needs clarification is if Santander move the Cap, who is entitled to the 3 months grace.
I can understand if the base rate went up we couldn't do anything, but we are talking Santanders own Cap on top of this. This was done to make money for the bank when the base rate was falling.

TheMightySwordfish

Tried and failed. It's the Cap that is the issue. Plenty of info about the base rate, but less so about the cap. Didn't know it existed until it was news worthy.

mac24

TheMightySwordfish wrote: »

mac24. I think what needs clarification is if Santander move the Cap, who is entitled to the 3 months grace.
I can understand if the base rate went up we couldn't do anything, but we are talking Santanders own Cap on top of this. This was done to make money for the bank when the base rate was falling.

Well my T&C's clearly state that a raise in the Cap,or margin as they call it allows a 3 month period of paying up without ERC's.No mention of mortgages attached to a second SVR tie in period.It's in the contract.They've breached it for their own gain as far as I can see.

If it didn't effect people on a simple fixed rate then be certain that a company like Santander wouldn't go to all this trouble to tell you that you're unaffected.They've ballsed up and they know they have.They are now attempting to put the latch on the gate.... but the horse bolted years ago!

TheMightySwordfish

If that's the case, everyone under those T&Cs need nice letters from Santander then. Including those who had fixed at the time.

crusaderstyle

mac24 wrote: »

Well my T&C's clearly state that a raise in the Cap,or margin as they call it allows a 3 month period of paying up without ERC's.No mention of mortgages attached to a second SVR tie in period.It's in the contract.They've breached it for their own gain as far as I can see.

I totally understand where your coming from but I'm not convinced on the 3 months when no ERC would have applied. My mortgage is governed by the 2004 standard mortgage conditions. It has the clause you mention (10.3) but it does only seem to be with reference to interest and the standard variable rate rather than fixed rate. Clause 10.7 is the one relevant to the cap but then you could ask yourself, can one be relevant and not the other? Confused.com

Even though I would question santander's behaviour to date I really don't know if they'd rock the boat with the FSA by withholding another very relevant piece of information from their customer - but maybe they really are that silly.

Saying that though, it took me over four weeks to get them to supply me with a copy of the 2004 mortgage conditions - I wanted to compare it to my original copy. It was like they didn't want me to see it. I was told 'it will definitely be sent tomorrow' about three times......

almond

sorry I wasn't around last night to join in but trying to get paperwork together for lgo meeting Thursday , long story against planning law.
will be around today