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

suzandthecity

congratulations to all that have had good news, it has been a long wait. Anybody else heard anything? I am waiting on a call back re my complaint.

gailmac_2

Yes I got a call from the Ombudsman too - Santander paying out!

crusaderstyle

I too have had very good news from the FOS. It was not over the telephone though, but by email, so check those too!


The FOS has stated that they think I should accept the offer from Santander as they want to pay me a lot more than how the FOS was requesting compensation. Just over £17K offered to me. :beer:

Phill_-_Liverpool

Well in fos!!!
£8k
����☺

Micko48

Got 9k from Santander via FOS.

frazell

Santander upheld my complaint directly but I'm not happy with their offer.


They have decided (for me) that I would have moved my mortgage to another provider but this would have been to a fixed rate product rather than a variable rate product that I suggested I would have moved to at the time.


Can anyone on this thread that's had their offer through confirm what the variable rate % that Santander has used in their offer calculation?


I found some threads in the mortgage section from Nov 2008 which suggested best rate at the time of +0.99% above BoE base rate, putting it at 1.49% on variable rate tracker? But any info on what Santander are using would be useful.


Thanks in advance.

frazell

Fishing Mad, thanks for this, really useful.


I've also found the following which confirms;


http://www.theguardian.com/money/2008/nov/15/first-time-buyer-mortgage


"HSBC has a lifetime tracker where you pay base rate plus 0.99% - ie, 3.99% currently. However, the maximum loan-to-value (LTV) is 60%, which will exclude many people. There is a £799 booking fee to pay."

And also of interest;


http://www.telegraph.co.uk/finance/personalfinance/borrowing/3202984/Mortgage-tracker-rates-soar.html


From 15th Oct 2008


"Now Nationwide's two-year tracker charges 0.68 of a point over base, the fee has gone up to £1,999 and you need a deposit of at least 40pc."


It would be interesting to know exactly when the Nationwide tracker at +0.68% above BoE base rate was actually pulled from the market.

frazell

Just for everyone's information, Santander responded to my complaint today about their initial offer where they said I would have gone onto a fixed rate.


I argued that I would have changed to the HSBC lifetime tracker in nov 2008 at +0.99% above BoE base as featured above. They agreed with my complaint, upping my payout by over £1000.


Good luck all.

frazell

Fishing Mad, thanks for that.


I must say that I'm still not happy given there are other forum members that have complained on the basis of the Woolwich tracker which was 0.5% above base (further back in this thread). There is no mention from them if their complaint was upheld by the FoS though.


Its disappointing the way Santander are dealing with this whole thing. They should be offering the best rate available at the time as the basis of the offer, rather than let complainants trawl the internet to try and find the rate 8 years after the fact.


Going to have one last crack at Santander and then might even go to the FoS anyway. Its important that they fully understand the "smoke and mirrors" Santander are using with this, its not a level playing field and offers can be skewed massively with fractional changes to the offer rate.

mac24

frazell wrote: »

Fishing Mad, thanks for that.


I must say that I'm still not happy given there are other forum members that have complained on the basis of the Woolwich tracker which was 0.5% above base (further back in this thread). There is no mention from them if their complaint was upheld by the FoS though.


Its disappointing the way Santander are dealing with this whole thing. They should be offering the best rate available at the time as the basis of the offer, rather than let complainants trawl the internet to try and find the rate 8 years after the fact.


Going to have one last crack at Santander and then might even go to the FoS anyway. Its important that they fully understand the "smoke and mirrors" Santander are using with this, its not a level playing field and offers can be skewed massively with fractional changes to the offer rate.

What has been your total redress frazzle if you don't mind me asking and what were your mortgage circumstances at the time?

Thanks