Miscalculated Mortgages From Santander

Miscalculated Mortgages With Santander

If you borrowed over £100,000 on a mortgage with Santander or their Abbey or Alliance & Leicester brands before 2010 and you haven’t remortgaged away from them since Beat the Banks are currently offering an entirely free mortgage audit. We can also extend this check to cover mortgage borrowing taken with all three, providing you took your loan after 2000, it was originally more than £100,000 and not repaid within 7 years.

Our audit covers interest only, repayment and buy to let mortgages. Both Abbey and Alliance & Leicester sought to pursue rapid growth with computer legacy systems that were well past their sell by dates. Just one reason alone why your mortgage may have been substantially miscalculated.

Abbey, originally founded in 1944, became the first building society to de-mutualise away back in 1989. In 2000, it even launched its own online bank called Cahoot. The bank set on the acquisition trail all through the 1990’s and ever hungry for profits they entered into the wholesale loan market at the start of the millennium. This was to prove their undoing. Losses ensued and their image took a pounding. In early 2004 Banco Santander came calling and by the end of that year, the takeover was finalised.

Abbey had an aging computer system, but it’s wasn’t until midway through 2008 that their all accounts were finally merged on to Santander’s Partenon system. In between times in 2007, they were forced to admit to extending lending terms on some mortgages taken in the 1980’s. Put simply, their computer system had been unable to cope with the vast interest rate fluctuations during that decade. Abbey chose to hide the problem, which in some cases increased customer mortgage terms by as much as 15 years. Incredibly in four years running from 2007 to 2010, they were given the unenviable title as the UK’s worst bank for customer service.

Alliance and Leicester was yet another building society that demutualised. In 1997 it finally entered the FTSE 100 Index. Aggressive growth was their strategy and built on a similar model to that of Northern Rock, where funding was sourced from the capital markets and in turn bundles of mortgages sold off as bonds to other banks and investors all over the world. In an effort to boost profits, they decided to enter into the 125% mortgage with a product mirroring Northern Rock’s infamous “Together” proposition. They also moved onto the sub-prime market with a deal funded by Lehman Brothers.

Reducing liquidity lurked in the shadows behind years of increasing profits. In late 2007 it looked like the UK Treasury would have to come to the rescue with a £3 billion lending lifeline. At the start of 2008, they appeared to have secured a lending credit line until the end of the year. The joy was short lived and in July 2008 they accepted a takeover from Santander that was then finalised in October of that year.

Like Abbey, Alliance & Leicester had an old and failing computer legacy systems. This caused a full merger into one brand to be delayed until the middle of 2010. Up until that point A&L retained its own and completely separate banking license.

For more information on how to receive our entirely free mortgage audit, please contact Beat the Banks on 01382 200474 or for free on 0800 193 1234. Or if you live locally, why not simply pop into our office with any of your mortgage paperwork and we can start the audit process immediately. Our hours are 8am-8pm weekdays, except for Fridays when we close at 6 pm. On Saturdays it 10am-2pm.

Miscalculated Mortgages

We’ve worked for banks on the inside. We know that they often get it wrong and when they do, they try to cover it up.

Are you eligible?

Have you been with the same mortgage provider since 2009 or earlier?

You are eligible to claim

If you originally borrowed more than £100,000

Are you eligible?

Was your mortgage taken through a non-mainstream lender (often referred to as a sub-prime mortgage) on or before 2011?

You are eligible to claim

If you originally borrowed more than £75,000

Are you eligible?

Did you repay your mortgage in the last 10 years and were you with the same lender for more than 7 years?

You are eligible to claim

If you originally borrowed more than £100,000 or £75,000 if via a non-mainstream lender

How were mistakes made?

The key criteria and being eligible to claim?

In many cases, sight of the mortgage offer alone can often give sufficient indication that a claim is likely. If you have this paperwork available then you can post, scan or email the information to us along with our signed authority permitting Beat the Banks to share the contents of your mortgage paperwork with our partners. If you prefer, you can simply bring your documents along to our office in the centre of Dundee. Sight of the loan offer is helpful, but not essential.

If a mortgage meets the key criteria, the next stage is to recover the FULL borrowing records from the mortgage provider via a Subject Access Request under the terms of the Data Protection Act 1998. Once received, the file is checked to ensure the lender has fully supplied the correct information to allow a full audit to take place. The documentation is then passed to our partners.

Details from the loan offer and the mortgage terms and conditions along with annual statements, rate change letters and any associated correspondence are then fed into our certified and validated mortgage checker. A report is collated highlighting and verifying the scale of any interest and charges applied to the borrowing in error.

You will then be advised of the outcome. If we believe that there is no claim or if any claim is of insufficient value to proceed, we will advise you. You will not be liable for any of the costs that we have incurred to date.

If we believe that the level of interest and/or charges applied to your mortgage account are of sufficient value to proceed with a claim, we will let you know. If you decide not to proceed, you will not be liable for any of the costs incurred to date.

Should you wish to proceed, we will forward your file to our solicitors and they will contact you to progress a claim. To engage their services, you will be asked to sign and accept their terms and conditions and also a contingency fee agreement.

To find out more on how we can help you recover overpaid interest and charges on your mortgage, our office numbers are 01382 200474 or 0800 193 1234. We are open from 8am-8pm Monday to Thursday. On Fridays we close at 6pm and on Saturdays it’s 10am-2pm.

If you prefer, you can email enquiries to claim@beatthebanks.co.uk or simply call with your paperwork to our office.

Over 30 Years

In Financial Forensics

Contact us today, start your claim journey and together we will beat the banks.

Or call us: 0800 1931 234

Miscalculated Mortgages

We have had huge success with PPI mis-selling claims against banks and are now putting our knowledge and expertise into uncovering potential mortgage claims. Unlike other claims companies, the team at Beat the Banks are crammed full of banking and financial services knowledge. We literally have hundreds of years of it.

We’ve worked for banks on the inside. We know that they often get it wrong and when they do, they try to cover it up.

Key to our process of reclaiming mis-sold PPI is our ability to recover original lender records and this often goes as far back as the early to mid- nineties. With our financial background and training, we like nothing better than trawling through this information, asking questions and seeking expert opinion when we believe that consumers may have been marginalised by banks.

This led us to look at how the banking industry have dealt with mortgage borrowing versus the terms and conditions of the contract that applied when the mortgage was taken and also to look at FSA & FCA guidance that has applied to mortgage lenders over the years.

Having completed our due diligence, even we are surprised at the results.

Beat the Banks have now uncovered that millions of mortgage customers in the UK have been systematically overcharged interest and charges on their borrowing. This can range from a simple breach of the mortgage terms and conditions through to unfairly managing mortgage arrears.

By auditing thousands of mortgages, we can establish that the incorrect application of interest and charges by lenders can apply in up to 85% of all mortgage contracts. This includes interest only and buy to let borrowing.

In conjunction with industry partners, we can now fully audit how charges and interest payments have applied to mortgages in direct comparison to what has been stated in the T&C’s accompanying the lending.

In many cases, sight of the Mortgage Offer alone can give sufficient indication that a claim is likely.

Miscalculated Mortgages By Santander


11 Albert Square, Meadowside, Dundee, DD1 1DD


0800 1931 234


+44 (0) 1382 201 284




Beat The Banks

11  Albert Square





Company Registration No: SC413541 PPI Reclaims (Scotland) Ltd Claims Licence number CRM29125.