PLEASE READ BEFORE POSTING

Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
We're aware that dates on the Forum are not currently showing correctly. Please bear with us while we get this fixed, and see Site feedback for updates.

House Sold...Interest Only Mortgage wirh Santander

245

Comments

  • Quick update....I rang the Santander Helpline 4 months ago to tell them where I stood.They encouraged me to get the house on the Market asap(they must have known I would incur an ERC at this stage).I did as they asked.I have received a letter this morning containing the line...." If you've decided to sell the property to repay us,you should already have the property on the market"Yes ...I have done what you have asked...and found a buyer!! Result!!

    I couldnt market the property based on only available November 2023 ...when my INTEREST ONLY/ERC runs out.It would never have sold!!  


    All the time Santander are badgering me for their money......but in order to get it to them I have to incur an £1800 charge to do it.This has got Ombudsman written all over it ....or is this a common occcurence ??
  • wjr4
    wjr4 Posts: 1,272 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Quick update....I rang the Santander Helpline 4 months ago to tell them where I stood.They encouraged me to get the house on the Market asap(they must have known I would incur an ERC at this stage).I did as they asked.I have received a letter this morning containing the line...." If you've decided to sell the property to repay us,you should already have the property on the market"Yes ...I have done what you have asked...and found a buyer!! Result!!

    I couldnt market the property based on only available November 2023 ...when my INTEREST ONLY/ERC runs out.It would never have sold!!  


    All the time Santander are badgering me for their money......but in order to get it to them I have to incur an £1800 charge to do it.This has got Ombudsman written all over it ....or is this a common occcurence ??
    It’s £1800, just pay it and get over it. 
    I am an Independent Financial Adviser (IFA). Any posts on here are for information and discussion purposes only and should not be seen as financial advice.
  • Hi,
    Mustbeananswer?? said:
    All the time Santander are badgering me for their money......but in order to get it to them I have to incur an £1800 charge to do it.This has got Ombudsman written all over it ....or is this a common occcurence ??
    why, what does you mortgage T&Cs say regarding ERC?

  • Hi,
    Mustbeananswer?? said:
    All the time Santander are badgering me for their money......but in order to get it to them I have to incur an £1800 charge to do it.This has got Ombudsman written all over it ....or is this a common occcurence ??
    why, what does you mortgage T&Cs say regarding ERC?

    The last thing I look at when I get a load of cash is how Im going to settle it in 14 years bud.Im  good for the cash but will fight it all the way...on a matter of principle regarding the advice I was given.
  • Hi,
    from Santander:

    Early repayment charge

    You'll pay an early repayment charge (ERC) on any parts of your mortgage which are still within their initial deal period. Details of any early repayment charge can be found in your original mortgage offer, annual mortgage statement and in your mortgage account in Mobile and Online Banking. The actual amount to pay will be calculated and shown as part of your request.

    So what did you agree to and sign up for, have you read your mortgage T&Cs?


  • silvercar
    silvercar Posts: 48,664 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    You could try asking Santander to forego some of the ERC, you could tell them that without them doing so, you will have to take your house off the market and start again nearer to the end date and see what they say.

    at the end of the day it’s your choice whether to sell now or wait to see what the next few months brings.
    I'm a Forum Ambassador on the housing, mortgages, student & coronavirus Boards, money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.

  • This has got Ombudsman written all over it ....or is this a common occcurence ??
    Going to the Ombudsman to complain that Santander are expecting you to pay the fee that was on the mortgage offer and in the contract that you signed seems like a waste of everyone's time.
  • TBG01
    TBG01 Posts: 487 Forumite
    Third Anniversary 100 Posts Name Dropper
    Hi,
    from Santander:

    Early repayment charge

    You'll pay an early repayment charge (ERC) on any parts of your mortgage which are still within their initial deal period. Details of any early repayment charge can be found in your original mortgage offer, annual mortgage statement and in your mortgage account in Mobile and Online Banking. The actual amount to pay will be calculated and shown as part of your request.

    So what did you agree to and sign up for, have you read your mortgage T&Cs?


    Come on now, we all know when we're negatively impacted by something we agreed to, it doesn't count. 

    If on the other hand it was Santander who agrees to pay me £1800, well that's different.

    How can I sue them to get that money they agreed to pay me which is different from the money I agreed to pay them.
  • silvercar said:
    You could try asking Santander to forego some of the ERC, you could tell them that without them doing so, you will have to take your house off the market and start again nearer to the end date and see what they say.

    at the end of the day it’s your choice whether to sell now or wait to see what the next few months brings.
    Best comment yet...that would be the fairest thing to do.Ive found a buyer in a market that is in freefall.And they clobber me for 1800 over a couple of months.Thanks for understanding Silvercar !!
  • GDB2222
    GDB2222 Posts: 25,724 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 19 August 2023 pm31 8:06PM
    silvercar said:
    You could try asking Santander to forego some of the ERC, you could tell them that without them doing so, you will have to take your house off the market and start again nearer to the end date and see what they say.

    at the end of the day it’s your choice whether to sell now or wait to see what the next few months brings.
    Best comment yet...that would be the fairest thing to do.Ive found a buyer in a market that is in freefall.And they clobber me for 1800 over a couple of months.Thanks for understanding Silvercar !!
    It can’t hurt to try, but I don’t think you should get your hopes up.

    How far through the sales process are you? It could take a while longer anyway.  You can always exchange now, with completion in November, providing the buyer is willing. Maybe, offer half the £1800?
    No reliance should be placed on the above! Absolutely none, do you hear?
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.3K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 240.9K Work, Benefits & Business
  • 617.2K Mortgages, Homes & Bills
  • 175.7K Life & Family
  • 254.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.