abbey/santander cap margin

Vector_2

JimmyTheWig wrote: »

Strongest case I've heard, but I'm still not sure.


I believe that this is correct that to bring the loans into line you had to pay the ERCs on the first loan. But you could have taken another deal (e.g. another 2 year fix) on the second loan without penalty which would mean you wouldn't have paid the SVR.
Obviously had you have done this you would have been on the SVR on the first loan or paid ERCs on the second to bring them into line, etc. But I would imagine that they will say that you didn't _have_ to pay SVR on the second loan.

Worth asking them, though.

From memory I don't think there were any deals available at that time for the 18 months we needed that were comparable to the SVR rate anyway!

Regardless the point I want to make to them is that even if it was our own choice to stay on the SVR, was that this was set at 4.25 and not 3.00, (which they admit is the maximum they could have charged at that time) therefore quite simply, we were being overcharged!

instone67

JimmyTheWig wrote: »

Presumably that your ERCs finished on or before 03/05/2009. Is that the case?
You might need your 2008 statement to establish that.

Yes, you're quite right, I couldn't see how we would benefit from this error on Santander's part but I wouldn't have been able to forgive myself if I hadn't checked it out with somebody knowledgeable (I'm a mortgage mutt at the mo but working on it!)
Anyway, thanks for the help, it's put my mind at rest at least.