Santander to contact 270k borrowers over mortgage cap rise

The cap is the upper limit to which a lender can increase its SVR. The SVR is the rate of interest that mortgage borrowers move on to after an introductory deal, such as a fixed rate mortgage or tracker mortgage, comes to an end. When Santander raised the cap it should have given affected borrowers clear information in easy to understand terms, the FCA said. But the letters it sent were not clear so borrowers may not have understood what was going to happen, how this was going to affect them and the options open to them. Some borrowers did not receive a letter at all. Santander ...