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 BBC told new political editor must be 'impartial' with Nick Robinson reportedly stepping down
- 2 Number of young homeless people in Britain is 'more than three times the official figures'
- 3 Humans of New York image of crying gay teen receives best response yet from Ellen DeGeneres
- 4 The map showing the most dangerous tourist destinations in Europe, according to the Foreign Office
- 5 Swedish minister gives strongest case yet on why EU should stop turning away asylum seekers
BBC told new political editor must be 'impartial' with Nick Robinson reportedly stepping down
Isis propaganda video shows 25 Syrian soldiers executed by teenage militants in Palmyra
Number of young homeless people in Britain is 'more than three times the official figures'
Humans of New York image of crying gay teen receives best response yet from Ellen DeGeneres
The map showing the most dangerous tourist destinations in Europe, according to the Foreign Office
More Britons believe that multiculturalism makes the country worse - not better, says poll
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
Osborne to cap family benefits at £23,000 – announced ahead of his post-election Budget
iJobs Money & Business
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...
£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...
£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....
£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...