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19/04/2013
Compensation Possible For 30,000 Santander Customers
The UK's second largest mortgage provider, Santander, have said some 30,000 of its customers may be due compensation, due to errors made in 2008.
It is understood that they are all former Abbey customers, who were put on single variable rate (SVR) mortgages after coming off fixed-rate deals, but were not told clearly enough that they could have transferred their accounts elsewhere.
£232m has already been set aside to cope with this and other issues.
In 2008, the Bank of England cut base interest rates by one percentage point.
However, instead of passing on that cut in full to its SVR customers, Abbey reduced its interest rate by just half a percentage point.
(H/CD)
It is understood that they are all former Abbey customers, who were put on single variable rate (SVR) mortgages after coming off fixed-rate deals, but were not told clearly enough that they could have transferred their accounts elsewhere.
£232m has already been set aside to cope with this and other issues.
In 2008, the Bank of England cut base interest rates by one percentage point.
However, instead of passing on that cut in full to its SVR customers, Abbey reduced its interest rate by just half a percentage point.
(H/CD)
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