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Loan claim: Santander to compensate mortgage holders

Santander is expected to pay out millions of pounds in compensation to mortgage borrowers at the bank.

This is for customers who were affected by the rise of the cap margin for the standard variable rate (SVR) in 2008.

The Financial Conduct Authority (FCA), which has now taken over from the Financial Services Authority, said Santander had not clearly outlined to its customers how the SVR cap margin rise would affect them.

Santander has agreed to contact 270,000 mortgage customers that may have been affected by this.

However, the FCA says that it believes only a small minority of those Santander contact will be able to receive compensation.

Yet it also says that customers who think they may have suffered financial losses due to the SVR cap margin rise should also contact the bank.

It is expected that 30,000 former customers at Abbey bank will be contacted by Santander after they came off fixed rate mortgages and were automatically put onto SVR deals.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801574984-ADNFCR

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