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.
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.
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:
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.
Here at Oakwood Solicitors, we’re not your average law firm – our team delivers a service which caters to you. From assessing your case through to completion, our staff have not only the knowledge and expertise, but also the compassion and understanding to put you at ease throughout the process.