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AJS (Santander), here's an example of everything that has been said above:
Had a porting case that completed yesterday (simultaneous sale and purchase). Old mortgage amount redeemed was circa 550k, new mortgage ported across was circa 400k. ERCs were taken on the whole 550k at 5% whereas should have been only been 5% on the 150k reduction. Clients therefore, 20k out of pocket so I called your completions team today and after 20 minutes on the phone was told....."the customer will have to ring us directly for us to look into this"!!
How can this make any sense, be fair on the broker or fair on the customer??
