Despite your previous experience with mortgages, you felt confident in taking this one out. However, you attempted to contact the bank via phone and were put on hold, only to hear a recorded message stating that rates could be booked online.
You claim that you didn’t receive any warning about being blocked from booking the second part of your mortgage after booking the first part at a rate of 4.23 percent. However, Santander claims that you were shown a message about this in the app and in a product transfer letter that you would have received.
The letter stated that once a deal is booked, no further changes can be made to your account until the deal has started. It also advised customers with multiple loans to contact the bank to discuss their options before securing any new deals.
During the online application process, you would have seen a message indicating that once you accepted the offer, you would not be able to cancel the transfer, request another mortgage deal, or make any other changes until the new deal has started.
Additionally, you were unaware that if you had booked both rates at 4.23 percent simultaneously, Santander would have allowed you to monitor the rates and switch both parts of the mortgage to a more favorable deal if one became available.
This shows that Santander wasn’t trying to discourage you from taking a “watch and wait” approach by blocking the second mortgage from being booked.
When you complained to Santander, you were informed that the three-month grace period between booking a deal and its start date was a goodwill gesture and not an automatic entitlement.
Santander stated that they had notified you about the limitations of making further changes to your account in the product transfer letter and during the online process. They also advised customers with multiple loans to contact them by phone instead of using online banking.
After reviewing your case, Santander has decided to extend the mortgage offer to cover both loans as a gesture of goodwill, saving you approximately £3,500 in higher payments over the next five years.
Although you were fortunate to have this deal upheld, it is a reminder that it’s easy to make mistakes when dealing with financial matters, even for experienced mortgage holders like yourself. It is essential to carefully read all information provided by the bank and seek clarification from staff if needed.
You mentioned that you haven’t hired a mortgage broker in years, but it may be worth considering in the future. Mortgage brokers can be valuable for individuals with busy lifestyles, as they can help navigate the intricacies of the process.
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