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

edtheduck_2

ok so I've recalculated.

BR + 0.5% = 1% ( best around at that time, I think - Barclays)
Currently have BR + 2.74% = 3.24%

£80 k @ 1% (25yrs) = £301/mth
£80k @ 3.24% (25 yrs) = £389/mth
Difference is £88

So, from November 2008, when we should have been notified and could have left without an ERC, up until August 2013( when they wrote to us about the cap margin) is 58 months.

Ive multiplied £88 x 58 =£ 5104.

This is how much more we've paid because we weren't notified.
For the interest I have just taken 8% of that i.e. £408.32.
Is this how I calculate the interest?

Also how do my figures/claim sound....? Accurate, under or over ?
Thanks

Micko48

I have received an offer back from Santander for just over £1200.
But they say that the best lifetime tracker deal on the market, at the time I could have switched, was with First Direct and was BoE base rate + 1.89%.
I have argued and said that there was an offer of BoE + 0.5% to which they replied show us proof and we will re-consider.
Unfortunately I don’t have any proof !

edtheduck_2

Two_steps_forward... wrote: »

Sounds like a dead cert to me. You must find what the best deal was that you could have got was in December 2008. I have spoken to my brother today, he was on a 0.5% above base with the Woolwich,(now Barclays I think?), so he was, and still is, paying 1%!!!

What I would like to know is exactly what deal you were on at 15th December 2008? That would answer many questions for watchers of this thread.

Two Steps, a big ask perhaps but is there any way please your brother would be willing to let you scan a copy of the mortgage offer he received and is still on, minus all personal data obviously. Something that had key facts, rate, terms etc etc. would probably be REALLY useful.
Even if it could be pm'd, I'd really appreciate it.
Its just it looks like the most recent poster here has been asked for proof of this offers existence.
Thanks in advance

Micko48

edtheduck wrote: »

Two Steps, a big ask perhaps but is there any way please your brother would be willing to let you scan a copy of the mortgage offer he received and is still on, minus all personal data obviously. Something that had key facts, rate, terms etc etc. would probably be REALLY useful.
Even if it could be pm'd, I'd really appreciate it.
Its just it looks like the most recent poster here has been asked for proof of this offers existence.
Thanks in advance

Yes that would be very useful for me too.

edtheduck_2

Got a call today from Santander wanting to ask something about my questionnaire.
They started the converstaion by talking about the date that I'd changed (to the correct one, I might add!) and said we were tied in until April 2009 so the payments were unaffected. They claimed that our payment had not gone up and we weren't affected by the cap margin. Not really the crux of the issue.

This was completely off the point IMO as our complaint was more about the fact that they had failed to inform us in Nov/Dec 2008 that they were increasing the margin and at that time we could have secured a better deal.

I was told that we would have been liable to an ERC and I insisted that I had the T & C's proving otherwise. They asked me to send them in and they can certainly take a look at them. I asked why I needed to send them in and was told that they have lots of different ones! But I said surely you should have the ones I'm referring to as I was specifically contacted as I was under said T & C's?

Anyway I said I'd copy the pages in question & send them in if that helped their investigation.

Does anyone have any comments?
Thanks

peterod1

I have a mortgage (part fixed /part SVR) which was taken out prior to December 2008 and was running at the time of the cap increase and continues to do so. I telephoned in the early days of the news breaking and was informed I was one of those affected and that I would receive a letter in due course. Some months passed and no letter received and I again telephoned and was advised it had been agreed (with FCA?) that they had until the end of autumn to contact all those affected. When I asked for clarification what date that actually meant I was told 30th November. Well as of today nothing received from Santander. Should I chase them for a third time or lodge a complaint with the FCA? I am sure it will be a waste of time submitting the forms anyway but would it look bad with the FCA by not giving them the opportunity to send them out. I will of course wait until the deadline has passed before instigating any complaint process. But I would welcome your opinions. Is anyone else still awaiting any first contact from them in relation to this matter?

ANDYMARS

Just sent my complaint off to the FOS after Santander would not repay our ERC.
How long does it take to get a reply from the FOS and how long does the whole process take?

Has anybody received a postive outcome/compensation after going to the FOS about this cap margin?

BODLED

Mortgage with Abbey taken out January 2000 then changed to Santander later on have always fixed when due for renewal could I be entitled to claim no letter received?

TheMightySwordfish

Hello all. I seemed to have fallen off the face of the forums. Sorry, back now.

Austrianscot

Hi all, I'm new to this forum. I got my letter and complained as soon as I seen it as I felt that I wasn't given a choice. I never even looked online about it as I didn't know it was such a big issue. Got our questioner and returned it without that much detail as I wasn't exactly aware of details about mortgages at the time and I felt it was unfair they were asking for them. My complaint was because I wasn't told and given the option at the time to do something about it. I had shredded all my Santander mortgage information about five weeks before I got my letter as I had left them for over a year and was sorting all my paper work so I couldn't remember much about my mortgage apart from the amount I paid every month.

I got a reply declining my complaint stating that I took an initial fixed rate of 5.69% and it was unlikely that what my SVR would be was a deciding factor in me taking the mortgage. They then said I had my SVR for 27 months and never complained so I must have been happy with it. I estimate I paid around £1700 more than what originally signed up for.

It really annoys me that they are assuming what I think. If I get a letter from any company telling me they are changing my conditions I look into it, check it and check it again. Santander never informed me of any change and took my choice away.

I complained to the ombudsman and initially got a case officer and they said it would take 12 weeks but after around 7 weeks I got another letter saying that they are deciding what to do with Santander as a combined complaint. So it looks like eve though they were looking at my individual complaint they are starting again with mine and grouping it together with others.

Until looking at this forum tonight I had no idea this was such a big issue. I thought I was a random case. Good luck all