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Mortgage arrears cleared but?????
twoleftfeet
Posts: 5 Forumite
We experienced some financial difficulties a few years ago and although we never missed a payment on our mortgage with Santander we did under pay.
We cleared the arrears September 2014 and everything has been fine since. However we are on a rate of 4.75% and they will now review it till September 2015, this seems really unfair as the money we could save would help us clear our tax debts quicker but they do not give a damn.
It seems that they punish people who have struggled and wont look to help them out.
My question is this, would any other companies take us on and give us what is a normal rate for other people?
We cleared the arrears September 2014 and everything has been fine since. However we are on a rate of 4.75% and they will now review it till September 2015, this seems really unfair as the money we could save would help us clear our tax debts quicker but they do not give a damn.
It seems that they punish people who have struggled and wont look to help them out.
My question is this, would any other companies take us on and give us what is a normal rate for other people?
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Comments
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While you have visible mortgage arrears in the last twelve months, I'd say probably not at a lower rate than you are already paying.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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twoleftfeet wrote: »We experienced some financial difficulties a few years ago and although we never missed a payment on our mortgage with Santander we did under pay.
We cleared the arrears September 2014 and everything has been fine since. However we are on a rate of 4.75% and they will now review it till September 2015, this seems really unfair as the money we could save would help us clear our tax debts quicker but they do not give a damn.
It seems that they punish people who have struggled and wont look to help them out.
My question is this, would any other companies take us on and give us what is a normal rate for other people?
Why would you expect charity from a business? It's not up to Santander to help anyone out, regardless of circumstance.0 -
I don't expect charity but I expect them to treat us fairly and that means giving us an interest rate that is comparable to 99% of their customers, we have been customers of theirs for 10 years and but for one blip we have never caused them a problem.0
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twoleftfeet wrote: »I don't expect charity but I expect them to treat us fairly and that means giving us an interest rate that is comparable to 99% of their customers, we have been customers of theirs for 10 years and but for one blip we have never caused them a problem.
That one blip is reason for the rate you're on, whether it was your fault or not. The other '99% of customers' didn't have a blip, so they get a better rate.
Better to concentrate on building up your credit history again rather than fretting about the rate you're on now, so that you can get a better rate in the future.0 -
twoleftfeet wrote: »I don't expect charity but I expect them to treat us fairly and that means giving us an interest rate that is comparable to 99% of their customers, we have been customers of theirs for 10 years and but for one blip we have never caused them a problem.
That blip cost them money. You've now a blemish on your record. That only time will heal.0 -
twoleftfeet wrote: »I don't expect charity but I expect them to treat us fairly and that means giving us an interest rate that is comparable to 99% of their customers, we have been customers of theirs for 10 years and but for one blip we have never caused them a problem.
But your financial conduct is not comparable to 99% of their customers.
So why should those 99% have to be treated unfairly by having to subsidise your higher risk profile?0 -
Wow! Lucky I didn't come on here feeling depressed because you miserable sods would have tipped me over!
Have some compassion if you can if not for me then people who unlike yourselves do struggle financially.
Oh and it's people like me paying 4.75% interest who keep people like you on low rates.
What a terrible site.0 -
twoleftfeet wrote: »Oh and it's people like me paying 4.75% interest who keep people like you on low rates.
No it isn't.0 -
Unfortunately, Santander can choose not to offer you a new rate. They may well prefer that you take your business elsewhere.
As KS says, you are unlikely to match the rate Santander have you on if you seek a re-mortgage with recent mortgage payment arrears.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
twoleftfeet wrote: »Wow! Lucky I didn't come on here feeling depressed because you miserable sods would have tipped me over!
What a terrible site.
Unfortunately the truth hurts on occasions. Little point in saying everything is going to be ok when it isn't. Nor let people whine about unfairness when there's none. We all have to take responsibility for our own decisions and personal misfortunes.0
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