Santander UK have confirmed it will be mailing more than 270,000 mortgage customers whose mortgages were subject to a standard variable rate (SVR) cap.

Past and present customers of Santander UK, who may not have understood or been aware of the cap margin increase in December 2008 will receive a letter offering them a full explanation of the cap margin increase and how it affected them.

This change did not impact all Santander customers in 2008, no former Alliance & Leicester customers were impacted by the cap margin increase and only specific Abbey customers with a balance on their mortgage in 2008 were affected.

A number of customers who had an SVR-linked mortgage with an early repayment charge (ERC) may not have been aware that they could have repaid their mortgage ERC free for three months after the increase affected them.

Santander is asking customers to wait to receive the letter before contacting the bank.

Cases will be reviewed on an individual basis.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Related articles:

Santander releases mobile app for Android

Jessica Ennis joins Santander as brand ambassador

Santander reports a fall in profit