Santander tells homebuyers they may be in line for payout
Friday 19 April 2013
Santander UK is writing to more than a quarter of a million of its mortgage borrowers, saying they could be due compensation because it failed to make it clear the terms on which it changed the cap on its standard variable rate in December 2008.
This meant some Abbey customers who could have closed or changed their mortgages without triggering an early redemption charge missed their chance.
Santander is writing to 270,000 customer but reckons only 30,000 will be due compensation, which could range from £20 to more than £1000. It said that it had already taken a charge against last year’s profits for the likely cost of contacting borrowers and paying compensation. It could take up to six months for all customers to be contacted.
Santander last year made provisions of £232 million for compensation for retail customers and the mis-selling of interest rate swaps to companies. It previously put aside £751 million for mis-selling payment protection insurance.
- 1 Man on naked bike ride gets ejected after becoming aroused
- 2 Charles Kennedy dead: Former Lib Dem leader dies at home aged 55 - latest news
- 3 Ayyan Ali: Pakistan's top model now appears in the courtroom rather than on the catwalk
- 4 Fifa corruption: Europe plots to stage an 'alternative World Cup' in place of Russia 2018
- 5 Jaden Smith wears gender fluid dress to high school prom with Hunger Games actress
Photographer who performed naked shoot in China's Forbidden City sparks outrage
Ed Miliband returns to the backbenches but it's all a bit awkward as he tries to avoid eye-contact with fellow Labour MPs
Man on naked bike ride gets ejected after becoming aroused
Charles Kennedy dead: Former Lib Dem leader dies at home aged 55 - latest news
Isis tortures 14-year-old Syrian boy and films it in graphic video for 'propaganda purposes'
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Why this year's general election was the most unfair in Britain's history
iJobs Money & Business
£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...
£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...
£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...
£25 - £30K: Guru Careers: We are seeking a highly-motivated and ambitious Comm...