Mortgage complaint upheld

Shanders72

Not sure is this is the right place...
I had a mortgage application refused by Santander due to a 'note of going concern' in my accounts. Was told by accountant, IFA and did my own research and found this should have been okay. I complained to Santander about this and they've been in touch to say that this was an error on the part of the underwriter and my application shouldn't have been refused.
We went to another lender and thankfully we didn't lose the house, but the stress was immense and we are now paying a higher rate.
Any idea what I should expect them to come back with and what I should demand from them?

Thank you

Goldiegirl

Any compensation should reflect any financial loss that you have suffered as a result of their mistake.

You say that you are on a higher rate mortgage - so you could use the difference in the monthly payments, for the term of the interest rate as a starting point.

But my tip is to ask, rather than demand - you get a lot further if you keep it polite.

mrginge

Shanders72 wrote: »

Any idea what I should expect them to come back with

About £100 or so I would have thought.

...and what I should demand from them?
Thank you

in the real world you should demand nothing since 'stress' is a load of nonsense and you paying a higher rate is of no relevance at all.
In the magical world of compo-for-anything, you should demand at least £10,000.

Shanders72

Thanks for the feedback.

Why is my paying a higher rate of no relevance?
Because of their mistake I've had to go to another lender and it's costing me more.
How is that irrelevant???

tomtontom

Santander are not obliged to lend to you.

Though I'm sure they will offer you a goodwill gesture, they don't have to give you anything at all.

societys_child

Shanders72 wrote: »

Any idea what I should expect them to come back with and what I should demand from them?

No idea, how much do you feel you're entitled to?

Thrugelmir

Shanders72 wrote: »

Was told by accountant, IFA and did my own research and found this should have been okay.

Didn't realise that banks were now under an obligation to lend because third parties tell them they have to.