Santander Mortgage Stuck on Standard Rate

dimbo61

Careful of the splinters Dave !!

Dave_Ham

dimbo61 wrote: »

Careful of the splinters Dave !!

Would it be helpful if I said I could argue either way..

Kerryjp

I'm actually really surprised by the negative comments here, someone even said why don't we seek advice!! What do they think we are doing posting here. We had stupidly presumed people would give sensible advice not act like trolls on some 4chan bulletin board. Kingstreet and boredoftherings I thank you for your constructive words and the following does not apply to you.

For the record everyone...
My husband and I both work in full time employment. We are NOT looking to borrow more, move house or remortgage. We do not have a house full of Brighthouse sofas and widescreen tellies. We chose a DMP because my husband was made redundant and for a long while was looking for work and we felt it our moral obligation to carry on paying back what we had previously owed rather than go down the route of an IVA. We can afford our mortgage payments however we do not feel it is fair that we have to pay a higher rate as we cannot choose to go elsewhere. We are NOT as the whiter than white ronaldo presumed looking for good borrowers to bail us out, merely for Santander (that we are unable to leave) to not exploit our misfortune and make worse our situation. I'm sure this post will receive even more negativity and ridiculously unhelpful comments such as 'neither a borrower or lender be' however we will try elsewhere and see if there is another site that can be of more use.

amnblog

TrickyDicky101 wrote: »

It's also about statistical risk - if borrower one has less money and thus a greater risk of defaulting on the mortgage, then the lender needs to be compensated for running with the risk (ie the higher interest rate). It may suck, but life ain't fair.

It is not about statistical risk it is about finding an angle to keep borrowers on 4.74%

Thrugelmir

kerryjp wrote: »

I'm actually really surprised by the negative comments here, someone even said why don't we seek advice!! What do they think we are doing posting here. We had stupidly presumed people would give sensible advice not act like trolls on some 4chan bulletin board. Kingstreet and boredoftherings I thank you for your constructive words and the following does not apply to you.

For the record everyone...
My husband and I both work in full time employment. We are NOT looking to borrow more, move house or remortgage. We do not have a house full of Brighthouse sofas and widescreen tellies. We chose a DMP because my husband was made redundant and for a long while was looking for work and we felt it our moral obligation to carry on paying back what we had previously owed rather than go down the route of an IVA. We can afford our mortgage payments however we do not feel it is fair that we have to pay a higher rate as we cannot choose to go elsewhere. We are NOT as the whiter than white ronaldo presumed looking for good borrowers to bail us out, merely for Santander (that we are unable to leave) to not exploit our misfortune and make worse our situation. I'm sure this post will receive even more negativity and ridiculously unhelpful comments such as 'neither a borrower or lender be' however we will try elsewhere and see if there is another site that can be of more use.

If you are looking for support and advice pay a visit to the Debt Free Wannabe forum.

Your personal circumstances have no bearing as far as a lender is concerned. There are many reasons why suffer financial distress. That's the harsh reality of the situation.

So don't take the posts on here personally. Nor expect lenders to be overly generous. Days of easy credit are gone forever.

Thrugelmir

amnblog wrote: »

It is not about statistical risk it is about finding an angle to keep borrowers on 4.74%

Hardly a penal interest rate given the risks to the lender.

mrginge

Have I got this right?

Is the suggestion here that a lender should ignore a customer's financial conduct outside of that organisation?

I hope i've misunderstood.

Thrugelmir

mrginge wrote: »

Have I got this right?

Is the suggestion here that a lender should ignore a customer's financial conduct outside of that organisation?

I hope i've misunderstood.

You've read correctly.

lonestarfan

kerryjp wrote: »

I'm actually really surprised by the negative comments here, someone even said why don't we seek advice!! What do they think we are doing posting here. We had stupidly presumed people would give sensible advice not act like trolls on some 4chan bulletin board. Kingstreet and boredoftherings I thank you for your constructive words and the following does not apply to you.

For the record everyone...
My husband and I both work in full time employment. We are NOT looking to borrow more, move house or remortgage. We do not have a house full of Brighthouse sofas and widescreen tellies. We chose a DMP because my husband was made redundant and for a long while was looking for work and we felt it our moral obligation to carry on paying back what we had previously owed rather than go down the route of an IVA. We can afford our mortgage payments however we do not feel it is fair that we have to pay a higher rate as we cannot choose to go elsewhere. We are NOT as the whiter than white ronaldo presumed looking for good borrowers to bail us out, merely for Santander (that we are unable to leave) to not exploit our misfortune and make worse our situation. I'm sure this post will receive even more negativity and ridiculously unhelpful comments such as 'neither a borrower or lender be' however we will try elsewhere and see if there is another site that can be of more use.

In my opinion you should be commended and please remind yourself of that frequently. You did not go the IVA route and are paying your debts. A relative of mine is on his second IVA and still living a champagne lifestyle on beer money and will soon end up with another IVA or bankruptcy. He is irresponsible. And is walking away from thousands of debt. His father would turn in his grave. You have some integrity.
It does sadden me that people who stick at it and pay aren't treated better. It is unfortunate you are with Santander as they really are unhelpful to people who aren't rolling in it and just trying to do their best and get by. I don't know what to say to you other than I really hope that it will improve in the future for you.

dunstonh

I'm actually really surprised by the negative comments here, someone even said why don't we seek advice!! What do they think we are doing posting here.

The internet is not advice. Its comments and discussion.

We chose a DMP because my husband was made redundant and for a long while was looking for work and we felt it our moral obligation to carry on paying back what we had previously owed rather than go down the route of an IVA.

yes it sucks and is unfortunate for you. It can happen the nicest people. However, the minute you default on debt, lenders look at you differently. Especially in the post credit crunch era. Borrowing money is not risk free. you can mitigate some of the risk by taking out insurance. However, not everyone does that but the bottom line is that if it goes wrong for you, there are consequences. The lenders carry a risk as well. They mitigate the risk by refusing to lend money, reduce the amount they will lend, price it as higher risk or dont let high risk cases have access to special terms.

Effectively, Santander don't really want you as a borrower as you have a bad credit record and that increases the risk of their book which in turn makes it harder for them to obtain deals. If they exclude you from the deals, they can get better terms from the investors that fund the money that is made available for the special mortgage deals.