MAS no . 5 SVR

11mee

Hello all . I am looking to make a claim to MAS no. 5 for unfair mortgage interest rates. I have received a summary of the rates we have been paying from MAS but to be honest, I cannot make sense of what the figures mean and if we can make a claim at all as our mortgage was interest only?  . I hope I made sense and I am happy to share the figures provided if needed. Many thanks . 

MWT

There is a lot of information on how to proceed with a claim here: https://www.mas5.co.uk/

The fact that your mortgage was interest only should not make a difference.

Some other things might make a difference though, for instance have you previously raised a formal complaint which was denied but you did not seek to take it to the Ombudsman at the time?

Does your complaint relate to a mortgage that they took over before 2012?

11mee

Thanks for the response . Yes our mortgage is from 2008. 

11mee

I contacted MAS and they provided a list of interest rates we paid in a way I do not really understand. If the SVR rate increased from 2.99% to 5.75% what does this mean in relation to what we paid ( might be because I am not good with figures) . These are the figures they provided as follows :

       Year             DR Rate     ANN INT RATE
         2009           0.2            2.7
         2016.          0.2              2.5
         
Thanks again 

MWT

11mee said:

I contacted MAS and they provided a list of interest rates we paid in a way I do not really understand. If the SVR rate increased from 2.99% to 5.75% what does this mean in relation to what we paid ( might be because I am not good with figures) . These are the figures they provided as follows :

       Year             DR Rate     ANN INT RATE
         2009           0.2            2.7
         2016.          0.2              2.5
         
Thanks again 

When did your fixed rate end?

If those figures are right it suggests you were not actually on their SVR even in 2016.

Is the mortgage still in place or did you move to another lender at some point, and if so, when?

11mee

Morning MWT . It was variable from the start we were not on a fixed rate. 

MWT

11mee said:

Morning MWT . It was variable from the start we were not on a fixed rate. 

Can you post a bit more of whatever they sent to you as the bit you posted doesn't make much sense if you were on a variable rate from the start.

There should be a list showing what interest rate you were paying each year, and if you were on their SVR I would have expected to see numbers like this...

2009 – increased by 0.75% from 2.99% to 3.74%
2009 – increased by 0.76% from 3.74% to 4.50%
2011 – increased by 0.75% from 4.50% to 5.25%
2012 – increased by 0.50% from 5.25% to 5.75%
2016 – decreased by 0.25% from 5.75% to 5.50%
2017 – increased by 0.25% from 5.50% to 5.75%
2018 – increased by 0.25% from 5.75% to 6.00%

11mee

This is all they provided . The  first column has the account number that’s why I left it out . Correction we have been with MAs since 2007 not 2008 . Thanks 

MWT

If those rates accurately reflect what you have been charged I don't think you have been affected by the rate changes that are the subject of the the complaints.

Can you confirm by doing a quick calculation on a recent statement that you were actually charged the rate shown in that table?

ACG

Do you think those rates are bad? 
In May 2021, I remortgage (at 62% LTV) on a 2 year fixed rate at 2.55%. At the time I did a Product transfer with my lender, I could have switched lenders and the rate I could have got elsewhere was around 2.25%, you were paying 2.4%. 

On the 28th June 2022 (an application I picked at random) I submitted an application at 50% LTV at 2.74% with nationwide, you were paying 3.29%. 

Where are they overcharging? There is no requirement for them to offer you the cheapest deal on the market - look at my deal, I could switch lenders but I dont. I was paying more than you, I was paying more than was available elsewhere and/or if I was a brand new customer to the same lender I could have had a cheaper deal than I was offered. 

You have not had the cheapest deal but I also dont think they have been rinsing you personally. 

Before making a complaint, you need to work out how much you think they have taken which they should not have done and also whether or not you think they or the ombudsman will agree with you. Otherwise you are just wasting your time. I would not be paying a claims management company money to take this on as I think you will hand them over money that you will never get back - although I am saying that purely based on the mortgage statement which to me looks fairly reasonable compared to some of the stories I have heard about MAS.