I have today rang and spoken to the Financial Ombudsman regarding what I feel is an unfair SVR by Mortgage Express. As far as I can see when I first took a mortgage out with the then GMAC (later to become Mortgage Express). That at the end of my fixed rate term the SVR that would be applied would be 1.99% above Bank of England base rate. I received 2 mortgage offers from GMAC in the March 2007 whereupon BOEBR was 5.25% and GMAC SVR was 7.24% giving a balance of 1.99% in my case.
In May 2007 I received a fresh offer due to the earlier offer having lapsed, at which point the BOEBR was increased to 5.5% and the GMAC SVR was 7.49% giving a same bal of 1.99%. as that in Mar 07
I have just received a letter from Mortgage Express informing me the SVR to be applied to my mortgage is 4.84%. Taking the BOEBR as of today @ .5% the bal has jumped to 4.34%.
I have taken up issue with Mortgage Express and one of the consultants informed me the SVR has been set so high as they are looking to discourage me from keeping my mortgage with them as they don't want mortgages!.
I have further spoken with other Mortgage Express officials and to be quite frank have been told they can more or less charge what they damn well like as far as I understand it. The Financial Ombudsman is now dealing with my complaint and I to urge as many dissatisfied customers to complain to the Financial Ombudsman tel: 0845 080 1800