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    • In terms of "why didn't I make a claim" - well, that has to be understood in the context of the long-standing legal battle and all its permuations with the shark. In essence there was a repo and probable fire sale of the leasehold property - which would have led to me initiating the complaint/ claim v SPF in summer 19. But there was no quick sale. And battle commenced and it ain't done yet 5y later. A potential sale morphed into trying to do a debt deal and then into a full blown battle heading to trial - based on the shark deliberately racking up costs just so the ceo can keep the property for himself.  Along the way they have launched claims in 4 different counties -v- me - trying to get a backdoor B. (Haven't yet succeeded) Simultaneously I got dragged into a contentious forfeiture claim and then into a lease extension debacle - both of which lasted 3y. (I have an association with the freeholders and handled all that legal stuff too) I had some (friend paid for) legal support to begin with.  But mostly I have handled every thing alone.  The sheer weight of all the different cases has been pretty overwhelming. And tedious.  I'm battling an aggressive financial shark that has investors giving them 00s of millions. They've employed teams of expensive lawyers and barristers. And also got juniors doing the boring menial tasks. And, of course, in text book style they've delayed issues on purpose and then sent 000's of docs to read at the 11th hour. Which I not only boringly did read,  but also simultaneously filed for ease of reference later - which has come in very handy in speeding up collating legal bundles and being able to find evidence quickly.  It's also how I found out the damning stuff I could use -v- them.  Bottom line - I haven't really had a moment to breath for 5y. I've had to write a statement recently. And asked a clinic for advice. One of the volunteers asked how I got into this situation.  Which prompted me to say it all started when I got bad advice from a broker. Which kick-started me in to thinking I really should look into making some kind of formal complaint -v- the broker.  Which is where I am now.  Extenuating circumstances as to why I'm complaining so late.  But hopefully still in time ??  
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Mortgage interest rate rises


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There is notification Santander 'intend' to raise the int rate by half percent. The reason it is 'being considered' is because of 'the increased cost to Santander of raising the money which we lend to our customers, including what it costs us to provide you with your mortgage(what ever that is)' apparently those reasons in the mortgage conditions. Nothing mentioned about savers rates so I presume there's no connection there:madgrin: I just feel the BOE rate is low for a reason. How much can these lenders raise the int rate until someone decides to do something about it. I can hear the arguments from the hard line who say tough bananas but it doesn't have to be this way, I hear business economists are getting fraught over Government decisions.

 

Anyone else with an int rate rise from other lenders?

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  • 3 weeks later...

Santander is a F**ked bank.

 

Santander does not get money for mortgages from saver's deposits (although look up fractional reserve banking). A mortgage contract with a bank magically borrows the funds into existence, so it should be win win.

 

However, Santander is a Spanish bank, & anyone who has looked at property in Spain knew that it was overvalued years ago, & is still mightily overvalued now. There are a colossal number of empty buildings in Spain, & the banks still really hold these assets, which technically will become their liability as the money advanced to the constructors will not be recouped by their sale.

 

Money market rates for Santander, & Spain in general, to stay afloat with all the new disclosures & capital requirements are therefore higher as they are more at risk of going bust.

 

I saw more blatant corruption at all levels in one hour trying to do a deal in Spain 6 years ago, & walking away from it, than I ever have in the UK. The Abogados (lawyers), Mayors, vendors, you name it. We're not in a good way in the UK, but I'll tell you now that the balance sheets of Spain & its financial companies are just a cheery fiction.

 

10 years ago, the only people who had a variable mortgage rate 4.25% above base like Santander were lowlife lenders like Kensington who dealt with the riskier bets. My mortgage is 1% above base. Most SVRs are 3.5% above. That's so they can still pay out the £13 billion the banks still pay annually in bonuses I guess.

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  • 1 month later...

Thanks for reply TFL. Well first month to pay int rate hike. So Santander, I will find another mortgage lender. I can already feel the benefit from just saying it:-D

 

They have a 2yr fixed rate for newbies 2.39% I spose I contribute to that as well as the bonuses.

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  • 3 months later...

If borrowing will cost more to banks and building societies in light of the possible lowering of the BOE base rate, whats the odds banks and b/socys will pass the extra cost onto the customers by raising rates? IMO they should absorb the loss as increasing int rates affects the spending power of people, plus people could lose their homes putting more burden on the state. They should have saved up for the rainy day as they knew it would come!

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  • 3 weeks later...

Just a thought, if mortgage borrowers had more in their pockets, this would revive the confidence lost by investors who are holding onto their money because they are nervous no one is spending. More people could afford to buy homes with low int rates which would stimulate the house building industry which in turn creates jobs in many other sectors.

 

As for the unregulated lenders causing havoc with their high int rates, that's something else to address.

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