Shelter’s Income and expenditure figures highlighted13:57 PM, 4th February 2019
About 2 weeks ago 35
Are you affected by increases in your tracker mortgage interest rate margins?
Do you wish to make a formal complaint?
We have produced the following letter template to make it easier for you to complain to your mortgage lender and the Financial Ombudsman Service.
Note that it costs the mortgage lender a lot of money when you complain to the Financial Ombudsman but it costs you nothing.
In the first instance you should put your complaint in writing to your mortgage lender. We also recommend that you copy your letter to the Financial Ombudsman Service. If you are not satisfied with the response from your mortgage lender then you can open a formal complaint with the Financial Ombudsman Service. Their complaints procedure is HERE
Your mortgage lender name
Mortgage Account Number: _______________________
I wish to raise an official complaint in respect of your treatment of my mortgage account on the basis that I do not believe that I have been treated fairly.
My understanding of the basis of this mortgage was that the rate would only ever vary when the base rate changed. You now seem to be telling me that you are able to adjust the tracker rate margin too. Had I known about this I would have chosen another mortgage product/lender.
I have been mislead by your financial promotions and do not believe they meet the Financial Conduct Authority (previously the Financial Services Authority) principles of needing to be clear, fair and not misleading.
I have also been advised of case law which supports the requirement for important conditions to be made clear and obvious in contracts. That was definitely not the case in the mortgage documentation which you issued to me.
I have copied this letter to the Financial Ombudsman Service to put them on notice that I will be escalating my complaint to them if I am not satisfied with your response. I understand that I am one of many thousands of affected customers and I will do all that I can to encourage as many as possible to fight you on this issue should you continue to be unreasonable.
I am also supporting a Class Action group which intends to combine resources and take a test case to formal litigation if required. In this regard, please send me copies of the following documentation:-
I await your response.
copy to The Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR
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