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

ANDYMARS

Thurgelmir - They would not let us port the mortgage because my wife was not working at the time hence our finanical circumstances had changed from the time we took out the mortgage. Even though we had not missed a single payment when paying only from one wage.
I rang them several times asking them for options and if they would waiver the ERC or reduce it as we only had 3 months and 1 week until the 5 year fix was up which they would not do. At no point did they say that there would be a ERC free window otherwise we would have had another option which was to hang on for a few months which we would have done as the ERC was £3500!!!!

suzandthecity

Hi
Just popped in to see how you are all getting on with fighting the good fight.
I had my final response from Santander. The tone of the letter was very arrogant. I called them to inform them that I would be taking my case to the FSA to investigate. I also infomed them that I was disappointed in the way they had handled the whole complaints proceedure, and that they were merley paying lip service to the instructions issues by the FSA.
I confirmed that as soon as my current mortgage deal came to an end I would be off as I do not trust their financial institution and they have no integrity. The advisor asked if they could investigate my complaint again!!
Have sent my form and documentation to the FSA and they have replied and will investigate within 4 weeks.
Goos luck everyone

suzandthecity

Sorry, meant Financial Services Ombudsman

llith

Filled my forms ,reckoned I had a chance as I paid up my mortgage at around this time with substantial exit fees.Managed to get compo of around £1900.Money went into my current account today but they took away £114 in tax off the interest part of the payoff even though their initial offer said that I had to deal with the revenue myself.Phoned them only to be told that as of 1st Oct the inland revenue wanted 20% tax.I explained that I am self employed and I would need written confirmation for my records that this tax had been paid ,apparently they do not send this info out unless you ask for it.Promised it will be done within 7 days,we shall see.What about people who do not earn enough to pay full taxes and the high earners on 40%?

ANDYMARS

llith wrote: »

Filled my forms ,reckoned I had a chance as I paid up my mortgage at around this time with substantial exit fees.Managed to get compo of around £1900.Money went into my current account today but they took away £114 in tax off the interest part of the payoff even though their initial offer said that I had to deal with the revenue myself.Phoned them only to be told that as of 1st Oct the inland revenue wanted 20% tax.I explained that I am self employed and I would need written confirmation for my records that this tax had been paid ,apparently they do not send this info out unless you ask for it.Promised it will be done within 7 days,we shall see.What about people who do not earn enough to pay full taxes and the high earners on 40%?

Can you confirm if you paid the exit fees in the 3 months that you were meant to have the option of leaving them for free? Or was it outside of this period?

llith

When was the 3 month period?

llith

I am happy with the outcome and they have returned my exit fees.Did not think I had a chance at first, it was only after their second letter I took notice, as I was on a discounted SVR of 1.5%. Letter arrived yesterday showing tax of £114 paid and the letter said non tax payers should claim back with IR and higher rate taxpayers should also inform the revenue.

Ninth_attemp_at_user_name

Update and warning...I sent our letter to the complaints department at the end of September and my husband phoned a couple of weeks later as we hadn't received a confirmation of receipt of the letter, they told my husband that they had not received our letter and gave him a slightly different address. We sent it again and this time paid £6 to have a Track and Trace on it, this showed that it was delivered 19/10/13. Guess what...no confirmation letter again, therefore my husband phoned today and this one hasn't arrived either! They are as we speak carrying out an internal search and are phoning him back. I will asked for an email address if it's not found, not sure what to do if they refuse to give me one? Don't really want to waste more time sending another letter. Has anyone else encountered this? I am seriously considering going to Watchdog with this.

edtheduck_2

edtheduck wrote: »

Two steps, or anyone who can help for that matter, I've just tried to a calculation and am unsure what figures to use as I seem to have got quite a large end figure. Can you advise based on what you've said above.

• On our Dec statement balance was £80k
• rate we were on as per letter received in Nov 08 was 4.59%, to take effect Dec., I presume
• ERC charge on Dec statement says £2600 and it applies until mid-April 09 when the 2 year tie-in ended
• would I calculate using the lifetime tracker rate that someone's relative has of 0.5% above base rate i.e 1%
• where does the 8 % come in

how many months do I multiply stuff by?
I mean we had 23yrs 5 mths term (281 months) remaining, and tie-in was until April 09.
Do I multiply monthly difference of 281 months of £80k at 1% and 4.59% by 281 mths or is it just pertinent to the end of tie-in. You say only count no. of payments I made since November....?








edit, just done some more calcs, does this seem right:

• In march april 09 best we could secure (and indeed are still on)was 2.74% above base rate lifetime tracker with Woolwich.

• If we’d been able to leave in Nov/Dec , if theyd told us, we could have secured the Woolwich 0.5% above BR lifetime tracker

• The difference of 2.24% on £80k over 281 months. We missed out on securing this

• That is £1792 approx extra per year (£149.33/mth) for 23 years 5 mths = £41962.67

Can you help please? Thanks

So, I have now received the questionnaire - first one did not arrive (?) rang them and got another sent out. In between time, a letter arrived saying they hadn't got the questionnaire back from me and if they didn't receive it within 10 days, they would consider the matter closed !! I've just ignored that letter.

Anyway, some advice on filling this in please - they seem to have handwritten in 'April 2009' as the date as to when I might have done something different. i.e. Section C, D1 & D3. (We did redeem the mortgage then as it was the end of the 2 year discounted period)

I presumed that this should be November 2008 or December 2008, shouldn't it?? That's when they should have notified us and also when the cap margin increased isn't it? Should I change this?

Also how much or how little detail did people go into in this questionnaire?

Thanks.

Ninth_attemp_at_user_name

Edd the Duck, they are calculating up to today's date (or when they process your claim), they can't possibly calculate to the end of your mortgage as they have no idea what will happen with interest rates in the future! Be warned my experience is that they only seem to be paying out so far on people that paid an early redemption fee. Please can somebody correct me if I'm wrong. If you read my case I feel that my husband and I have a strong case however their first reply has refused us! Don't count on getting any money out of them, without a long fight. Also please pay extra to track anything that you send them and even then phone to confirm receipt. Good Luck.