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.
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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.
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