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

almond

if anybody needs a copy of the booklet I have it and are happy to scan and send it over, I need to make a start today and as people are saying the form is a trap

suzandthecity

Sorry, another question. If I was on a fixed term mortgage, could I have looked for another mortgage without incurring an Early Payment Charge if the T's&C's had changed and I hadn't been informed?. My personal circumstances meant I would easily got another mortgage and I had a decent LTV in my property.

almond

suzandthecity wrote: »

Sorry, another question. If I was on a fixed term mortgage, could I have looked for another mortgage without incurring an Early Payment Charge if the T's&C's had changed and I hadn't been informed?. My personal circumstances meant I would easily got another mortgage and I had a decent LTV in my property.

I am in same boat, ask for a form and fill it in you have nothing to lose

almond

TheMightySwordfish wrote: »

What I put on mine was..... (A bit of trying to remember.)
Had I been told I could change without having to pay the charge I would have at least looked to see if I could get a better deal at the time. Also not knowing what deals were at the time, I don't know if I've lost out or not.

how did you fill in question d2
that's the one I think is being used to trick us
I am tempered to leave it and put see notes attached, do you think I will have the form returned

almond

just got my t&c booklet out and noticed it jumps from page 10 to 19
but did notice at bottom of page 9 its says

20 the ' standard variable rate' is the benchmark rate for all our variable rate loans (as distinct, for example, from loans which we make a tracking rate or at a fixed rate of interest

mac24

Just found my booklet with the 2004 standard mortgage conditions.It clearly states:-

10.interest and the variable rate
10.1 This condition applies if and so long as the offer provides for interest to be charged at a variable rate on any part of the capital you owe us.
10.2 We may change the SVR at any time for one or more of the following reasons:
a. To maintain the competitiveness of our business,taking account of actual or anticipated changes in the interest rates which other financial institutions charge to personal mortgage borrowers.
b. to reflect actual or expected changes in the cost of the funds we use in making loans to our personal mortgage borrowers.
c. to ensure that our business is run in a way which complies with the reqs of our regulator or of any central bank or monetary auth.
d. enable us to comply with condtn 10.6
10.3 If we change the SVR under condtn 10.2 we will give notice of the change asap after we have taken final decision to make change.
10.4 We may also increase or reduce the svr under this paragraph at any time for any valid reason.the following applies if we increase/decrease the svr under this paragraph
a. we will give you not less than 30 days notice of an increase in the SVR and not less than 7 days notice of a reduction.
b.the notice will say that we are making the increase or reduction under this paragraph.
c. If we are INCREASING THE SVR THEN;
>IF THE INCREASE APPLIES TO THE WHOLE CAPITAL,YOU WILL BE ENTITLED TO REPAY ALL THE MONEY YOU OWE US WITHIN 3 MONTHS FROM THE DATE ON WHICH THE INCREASE TAKES EFFECT,WITHOUT PAYING ANY EARLY REPAYMENT CHARGE THAT WOULD OTHERWISE APPLY
>IF THE INCREASE APPLIES TO ONLY PART OF THE CAPITAL(THE AFFECTED PART) YOU WILL BE ENTITLED TO PAY THE WHOLE OF THE MONEY YOU OWE US OR THE AFFECTED PART WITHIN 3 MONTHS FROM WHEN THE INCREASE TAKES EFFECT WITHOUT PAYING AN ERC.
10.5 IF WE CHANGE THE SVR WE WILL ENSURE THE THE CHANGED SVR DOES NOT EXCEED THE CAP IN FORCE AT THE TIME WHEN WE TAKE THE FINAL DECISION TO MAKE THE CHANGE
10.6 THIS PARAGRAPH APPLIES WHERE THE SVR COMES TO EXCEED THE CAP AS A RESULT OF:
A.REDUCTION IN THE BASE RATE
B.A REDUCTION IN THE BASE RATE COMBINED WITH A CHANGE IN THE SVR OF WHICH WE HAVE PREVIOUSLY GIVEN NOTICE;OR
C.A REDUCTION IN THE MARGIN
WHERE THIS APPLIES WE WILL CHANGE THE SVR WITHIN 60 DAYS FROM THE DATE ON WHICH IT COMES TO EXCEED THE CAP.WE WILL ENSURE THAT THE CHANGED SVR DOES NOT EXCEED THE CAP IN FORCE ON THE START DATE.

10.7WE MAY INCREASE THE MARGIN AT ANY TIME.THE FOLLOWING WILL APPLY TO ANY INCREASE OR REDUCTION WE MAKE:
a. we will give you not less than 30 days notice of an increase in the MARGIN and not less than 7 days notice of a reduction.
b.the notice will say that we are making the increase or reduction under this paragraph.
c. If we are INCREASING THE MARGIN THEN;
>IF THE INCREASE APPLIES TO THE WHOLE CAPITAL,YOU WILL BE ENTITLED TO REPAY ALL THE MONEY YOU OWE US WITHIN 3 MONTHS FROM THE DATE ON WHICH THE INCREASE TAKES EFFECT,WITHOUT PAYING ANY EARLY REPAYMENT CHARGE THAT WOULD OTHERWISE APPLY
>IF THE INCREASE APPLIES TO ONLY PART OF THE CAPITAL(THE AFFECTED PART) YOU WILL BE ENTITLED TO PAY THE WHOLE OF THE MONEY YOU OWE US OR THE AFFECTED PART WITHIN 3 MONTHS FROM WHEN THE INCREASE TAKES EFFECT WITHOUT PAYING AN ERC.

just noted this down .apologies for any typos

Jed_Exodus

I phoned them and I asked straight out if I would have been able to repay my mortgage in Dec 2008 without any charges and was told no. I asked to lodge a complaint anyway and have the questionnaire, mine also has the dates filled in as October 2012. I'm off to look for my t&c booklet.

mac24

Two_steps_forward... wrote: »

Here is a link to the Building Societies Association page which has a PDF of average mortgage prices for the period from January 1999 to the present time. Click on 'Mortgage Interest Rates' half way down the page. It includes the figures for SVR!

http://www.bsa.org.uk/keystats/mortgage.htm

The tracker rates quoted on their around the 2009 era seem high.I seem to remember there being some cracking deals around that time.

toofy

Can I ask the board's advice if I might be eligible to pursue this as well? - in 2006 I had a discounted mortgage with Abbey/Santander, it finished in October 2008, moving to SVR, I then moved onto a fixed rate for 3yrs of 5.94%. At the time I was kicking myself that I had moved onto this product when interest rates were falling dramatically. Do you think I could have exited out of this product with no ERC due to the cap margin? I most certainly would have, I have no doubt, as I regretted agreeing to it from the onset. On speaking to Santander I was told the cap margin did not affect me, and I was fobbed off.. my ERC would have amounted to £4325.76, as shown on my summary statement, charges applying to 03/12/2011

hpoolandy

toofy wrote: »

Can I ask the board's advice if I might be eligible to pursue this as well? - in 2006 I had a discounted mortgage with Abbey/Santander, it finished in October 2008, moving to SVR, I then moved onto a fixed rate for 3yrs of 5.94%. At the time I was kicking myself that I had moved onto this product when interest rates were falling dramatically. Do you think I could have exited out of this product with no ERC due to the cap margin? I most certainly would have, I have no doubt, as I regretted agreeing to it from the onset. On speaking to Santander I was told the cap margin did not affect me, and I was fobbed off.. my ERC would have amounted to £4325.76, as shown on my summary statement, charges applying to 03/12/2011

i think your best off looking through your terms and conditions when you switched to a fixed