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

hpoolandy

well firstly if there going to half fill your forms in they could at least put the right dates in send you two letters with different dates then ring you two weeks after you have sent the first letter off and want you to do it again there just trying to get as much out of you as they can

hpoolandy

december 2006 t and cs
10.7 we may increase or reduce the margin at any time the following terms will apply to any increase or reduction which we make under this paragraph at a time when WE are charging interest at a variable rate on any part of the capital you owe us

10.7 b section 2
if the increase applies only to part of the CAPITAL (the affected part ) YOU will be entitled to repay the MONEY YOU OWE US or if YOU CHOOSE the affected part within three months from the date on which the increase takes effect without paying any erc that would otherwise apply to the affected part


quote from letter
i note from your questionnaire that you have told us you would have moved your mortgage during a erc free window in dec 2008 however this option was not available to customers with a fixed rate mortgage at this time in line with the terms as in your smc

the margin increase affected the part of your mortgage on a discounted standard variable rate on 15 december at this point you were free to exit this part of your mortgage without penailty when your fixed rate reverted back to svr on 2011 you were free to fully exit your mortgage if you were unhappy with the rate or level of payments you were making

hpoolandy

the letter then goes on to say about i stayed on svr for 5 more months when i could of left which they clearly dont have a clue why i stayed on svr for 5 months that why i think the were bullying me on the phone trying to get more info for 2011

wot do yous think ?:rotfl:

hpoolandy

crusaderstyle wrote: »

So lame. I'm sure you could tell them many reasons why you stayed on the svr for 5 months. One of them being about the cap margin increase that you weren't informed and how you weren't aware of how much potential there was for further rate hikes and how this did/ could've affected your payments. They really are just hoping people will say 'oh well, I tried!'.

I look forward to your next posts!

like being a contractor and working away for long periods of time for the last 10 year lol

TheMightySwordfish

Enjoying this I am. I think we are on the verge of blowing this whole thing out of the water. Keep it up peeps. Great work.

hpoolandy

the strange thing is i was sat at work today thinking about the loan part and the discounted rate bit i couldnt belive the letter was there when i came in

crusaderstyle

hpoolandy wrote: »

december 2006 t and cs
10.7 we may increase or reduce the margin at any time the following terms will apply to any increase or reduction which we make under this paragraph at a time when WE are charging interest at a variable rate on any part of the capital you owe us

10.7 b section 2
if the increase applies only to part of the CAPITAL (the affected part ) YOU will be entitled to repay the MONEY YOU OWE US or if YOU CHOOSE the affected part within three months from the date on which the increase takes effect without paying any erc that would otherwise apply to the affected part


quote from letter

i note from your questionnaire that you have told us you would have moved your mortgage during a erc free window in dec 2008 however this option was not available to customers with a fixed rate mortgage at this time in line with the terms as in your smc

the margin increase affected the part of your mortgage on a discounted standard variable rate on 15 december at this point you were free to exit this part of your mortgage without penailty when your fixed rate reverted back to svr on 2011 you were free to fully exit your mortgage if you were unhappy with the rate or level of payments you were making

I have the same t's and c's. I interpret them as saying that because you we're on an svr linked product you should've been entitled to three months where you would have no ERC ON BOTH loans.

Did your discounted svr finish on 15th of December 2008 for the loan part?

hpoolandy

crusaderstyle wrote: »

I have the same t's and c's. I interpret them as saying that because you we're on an svr linked product you should've been entitled to three months where you would have no ERC ON BOTH loans.

Did your discounted svr finish on 15th of December 2008 for the loan part?

key facts
a vairiable rate that being abbeys svr currently 7.34 with a discount of 0.01 for 120 months giving a current rate payable 7.33 the interest charged is at all times subject to a minimum rate of 1% this loan is only available to a max of 100% of the propetys valuation

under that it says

after 3/6 2017 interest will be charged at abbeys svr currently 7.34 for the remaining term of the mortgage

please excuse any errors in the txt

hpoolandy

hpoolandy wrote: »

key facts
a vairiable rate that being abbeys svr currently 7.34 with a discount of 0.01 for 120 months giving a current rate payable 7.33 the interest charged is at all times subject to a minimum rate of 1% this loan is only available to a max of 100% of the propetys valuation

under that it says

after 3/6 2017 interest will be charged at abbeys svr currently 7.34 for the remaining term of the mortgage

please excuse any errors in the txt

the rate for the loan in dec 2008 was 5.43

crusaderstyle

hpoolandy wrote: »

key facts
a vairiable rate that being abbeys svr currently 7.34 with a discount of 0.01 for 120 months giving a current rate payable 7.33 the interest charged is at all times subject to a minimum rate of 1% this loan is only available to a max of 100% of the propetys valuation

under that it says

after 3/6 2017 interest will be charged at abbeys svr currently 7.34 for the remaining term of the mortgage

please excuse any errors in the txt

You've got a lot of information there to go back with. From the response that you've had it's obvious that santander are not considering all of the information available to them and are just focusing on the parts they feel they can justify no matter how feebly it and then rejected claim on that basis.

Keep pecking away at them.