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

TheMightySwordfish

Plays for me.

hpoolandy

I phoned them again on my dinner break with a few questions that are bugging me she insisted that fixed morts were not affected so again i asked if part was on svr would it be affected again no straight answer hold please il just check your records cant remember her reply wasnt clear though then asked if my svr which you santander admited was affected did this trigger a 3 month window two minutes please il check your terms again a load of waffel
i was on the phone all of my dinner break and still no answer to three simple questions i am sick of paying for calls to these so i now just request call backs and get them to pay for the call

mac24

Been going through my 2004 mortgage conditions booklet again. For me the whole thing hinges on section 10.7 and the definitions santander offer for some of the words and passages of words detailed in that section.The definitions are listed at the start of the booklet. Here is the section in full and the words defined in upper case I will define below:

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:

(a) WE will give YOU not less than 30 days' notice of an increase in the MARGIN and not less than seven days notice of a reduction.

(b) if we are increasing the MARGIN,then

> if the increase applies to the whole of the CAPITAL,YOU will be entitled to repay all the MONEY YOU OWE US within three months from the date on which the increase would take effect,without paying any EARLY REPAYMENT CHARGE that would otherwise apply;

> 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 EARLY REPAYMENT CHARGE that would otherwise apply to the affected part.

WE- (a) Abbey National plc or it's successors and assigns (whether legal or equitable); and
(b) any other person who for the time being has the benefit of:
> the mortgage
> our charge over the additional security

YOU- (a) the person(s) named as the borrower in the mortgage deed and their successors;and
(b) anyone (other than a guarantor) who agrees to discharge any of the borrowers obligations.

MARGIN-means 2.5% or any other percentage which WE substitute as the margin under condition 10.7

CAPITAL- means any money on which WE can charge YOU interest under condition 12.1
** condition 12.1 goes onto explain how the interest will be charged daily on the capital owing.

MONEY YOU OWE US- means all the money YOU owe US under these conditions and the OFFER,including any unpaid interest or costs.

OFFER-means;
(a) the document(known as a mortgage offer) which contains OUR offer to lend YOU money under the mortgage;and
(b) any document(known as an additional loan offer) which contains an offer from US to make YOU a further advance under the mortgage.

EARLY REPAYMENT CHARGE- means any additional payment which the offer requires you to make if you repayall or part of a loan before the end of any CHARGE PERIOD which the offer specifies for that loan.

CHARGE PERIOD-means the period(if any) specified in the offer during which an early repayment charge is payable.

for me,it boils down to this. I was 3 years into a five year fix in 2008. My original OFFER document details my payments under the fix deal and then the remaining ones on the SVR so the rise in the margin would only affect part of the capital.As that is the case then it states that I would have the choice to pay the affected part (the SVR part) OR ALL of the MONEY YOU OWE US which includes the OFFER and if I'm not mistaken my mortgage OFFER clearly gives details of both my fixed rate and following SVR when the fix finishes. :-)

crusaderstyle

Hi All,

I've not checked in for a couple of days and it seems like a lot has gone on. This thread is really filling out with details of lots of responses from Santander which helps give us all a better picture.

I will read through and have a proper catch up but just wanted to add something that I came across and found quite amusing. I will also be quoting it back Santander the next opportunity I get!

I was flicking through my 'Everything you need to know about your mortgage and 2012 statement and came across their following advice which is in the 'More information about mortgage products if you need it' section:-

What you consider when comparing short term and long term products
Many products are available over a variety of time periods, usually referred to as the 'product term'. Knowing whether to take a short
or longer term deal can be difficult as no one knows what interest rates will be in the future, so it's important to consider your individual circumstances. Think about what you can afford today, how your circumstances might change and therefore what you might be able to afford in the future'.

Does this not back up the argument that the majority of us will need to use - we couldn't follow their advice as they'd failed in their obligations to notify us of the cap increase!!

They then add 'It's important to consider your longer term plans and to think about the affordability of your mortgage in the future'.

Are they on another planet?! They changed the goal post for a lot of us that were on fixed rates at the time - you can only plan for so much. None of us anticipated them raising the cap and in turn the SVR when we signed the contracts.

ceegee

hulltiger1969 wrote: »

I was on a fixed rate mortgage with santander from 2006, I sold the property in 2010, Could I be one of those affected, Santander cannot inform me as I no longer live there, Should I contact them do you think?

I paid off my mortgage in 2010 and moved house in 2012. I didn't advise Santander of my move, as there was no need. They still knew I'd moved though, as the letter was addressed to me here, at my new address!

They must be checking up on the addresses of everyone with whom they have had no recent correspondence.


PS They should have received my completed questionnaire this morning.

Phill_-_Liverpool

been meaning to post this the last few days.......

my letter was m005 and i sent my complaint and questionnaire in on 3rd June and i have received a letter dated 22 June advising me they are sorry for taking so long to investigate and thanking me for my patience. also complaint being reviewed by specialist team who will contact me shortly to discuss my concerns in more detail.

anyone else had a letter like this?

almond

Phill_-_Liverpool wrote: »

been meaning to post this the last few days.......

my letter was m005 and i sent my complaint and questionnaire in on 3rd June and i have received a letter dated 22 June advising me they are sorry for taking so long to investigate and thanking me for my patience. also complaint being reviewed by specialist team who will contact me shortly to discuss my concerns in more detail.

anyone else had a letter like this?

yes I think we all had that letter, mine came with another one that said please return your form

TheMightySwordfish

Ah, Steve Miller Band has turned up too :-)
I'm guessing Santander are having a breather too. I think we are due some new later M0's 16+ I think.
Still haven't taken mine further, yet.

almond

its the weather I am going to do my reply this week and ring them to arrange to pick up t&c , the call centre is about 10 miles away, anybody need anything I can ask for a job lot

nettybrosen

I have received my questionnaire and would like some guidance on what to put in section D5 please...just wanted to see what the general customer response to this question is.......................:eek: