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Scottish Trust Deed Forum
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Topic starter
23/10/2012 9:44 pm
So I received a letter today to tell me my fixed rate on my mortgage was ending. No problem I thought, I'll phone Santander and get another fixed rate deal.
So I called them up only to be told that there are no offers or deals for me, I'm stuck on the SVR. I asked if this was to do with my account or was a general issue. I was told that the "system" had performed some checks and deemed that there was nothing it could offer me.
I took this to mean that I had been credit checked and because of my TD, I was basically being refused a cheaper rate. So now my monthly mortgage payment is up by £20 next month, £100 the month after and then £60 from then on in, until the rates go up that is.
Why do these companies insist on bumping up the payments of those that can least affords it? I understand it's about risk, but I'm not a new
customer. I've had my mortgage with them for 7 years.
While I'm ranting, how do they get away with charging 4.2% over the BoE rate?!!
23/10/2012 10:23 pm
Hi mapleleaf.
We'd never felt compelled to write about a single bank in particular until we did so in August... about Santander.
Banks in general aren't very popular right now but Santander seem to be doing what they can to maximise the annoyance of their customers.
In fairness Santander aren't the only bank not to offer replacement mortgage deals and their decision may well have nothing to do with your trust deed at all. They do know that their clients in general would like to be offered replacement products though, and that many of them will be having a tough time financially even without their recent increase to their SVR (despite there having been no change in the Bank of England base rate).
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
23/10/2012 10:31 pm
Thanks.
The guy did say keep in touch as they may be able to offer something in the future. I might phone them in a month or two and see what the situation is then. Because of my TD I'm stuck with them as I'm not going to get a mortgage anywhere else.
23/10/2012 10:44 pm
They'll have hundreds of thousands of customers that are stuck with them for one reason or another mapleleaf.
We have heard of banks regularly changing their policy of whether they will offer replacement products to clients that have moved to the SVR, so it will be worth checking in with them periodically.
I'm not sure that this about risk, the amount of money they've lent does not change. I think it's simply down to commerciality.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
