Santander mortgage shocker! Advice or similar experiences wanted please.

HIGH

loadieboy wrote: »

Shortening the term was suggested by the Santander rep. The sums involved (having 50K to pay off a £120K loan) meant that only paying off the extra 10% over standard repayments per year (which i also did) would have taken an awful lot longer.

Can you underpay on the mortgage based on the extra 10% that you have been paying off?

This would give you time to look around for a re-mortgage.

ValHaller

Thrugelmir wrote: »

That depends on your personal financial circumstances. Lenders ultimately have the final say. If they no longer want your business then remortgaging elsewhere is your only real alternative.

Nah. They have reneged on a verbal understanding and changed a written deal without written authority, I say that this should go to the FOS and the original term should be restored. Lenders might have the final say, but that is within the constraints of the written deal and any variations they have written evidence for.

Thrugelmir

ValHaller wrote: »

Nah. They have reneged on a verbal understanding and changed a written deal without written authority, I say that this should go to the FOS and the original term should be restored. Lenders might have the final say, but that is within the constraints of the written deal and any variations they have written evidence for.

Borrower wanted to avoid paying an ERC so shortened term. Borrower now wishes to pay less a month so wishes to extend term.

Banks says tough, you can't have your cake an eat it.

A verbal conversation does not constitute a contract. As the terms could change at any time.

ValHaller

Thrugelmir wrote: »

Borrower wanted to avoid paying an ERC so shortened term. Borrower now wishes to pay less a month so wishes to extend term.

Banks says tough, you can't have your cake an eat it.

A verbal conversation does not constitute a contract. As the terms could change at any time.

There you go again, defending the indefensible. It is an unacceptable way of conducting business.

Bank actually says you can have new cake while it lasts and then go back to old cake. New cake runs out and bank refuses to allow old cake. If you really need this explaining in terms of cake.