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Abbey National Interest Rate Error

8:57, 20/8/2020

Home » News & Knowledge » Abbey National Interest Rate Error

Abbey National was one of the largest residential mortgage lenders in the UK before it was bought out by the Spanish banking giant, Santander, in January 2010.

 

After Santander’s purchase of Abbey National, it slowly became clear due to a technical error in the drafting of Abbey’s 2004 Standard Mortgage Conditions, that many thousands of customers had had an interest rate applied to their mortgage accounts that were higher than the interest rate that should have been applied.

In practice, this meant that the customers affected had been paying larger monthly payments than they were contractually required to pay. In many cases, this may have led to additional financial difficulties.

Abbey National Interest Rate Error

 

2012 investigation by regulation body

An investigation by the Financial Services regulator happened in 2012. As a result, Santander was ordered to contact the customers affected and explain the error.

Unfortunately, many customers did not follow up and lodge complaints with the lender, or the Financial Ombudsman Service, potentially missing out on their opportunity to claim the compensation they were owed.

 

Could I qualify for compensation?

In many cases, compensation owed may run into several thousands of pounds and (depending on the size of your mortgage and how long the wrong rate was applied) could even run into tens of thousands of pounds.

Oakwood Solicitors Ltd has acted on behalf of clients affected by this interest rate error and has successfully recovered substantial compensation from the lender.

If you had a mortgage with Abbey National taken out between 2004-2008 and did either of the following, then you may be entitled to claim compensation:

  • paid off within the last six years
  • re-mortgaged to a new lender within the last six years

 

Our services

Our team can be contacted directly at 0113 218 5700, and a full list of our Financial Litigation services can be found here.

 

WHAT TO DO NEXT

If you believe you fit these criteria, please do not hesitate to contact Oakwood Solicitors Ltd on 0113 218 5700. Our team will review your claim free of charge and may be able to assist you to recover compensation on a no-win, no-fee basis.

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