For Halifax Tracker Customers

RichardCag

Im new on here but am looking at this thread with great interest as I have -0.16% 2 year tracker with Halifax.

Thanks to everyone for all the info already on here.

bengee1977

Where is this clause in the mortgage T&C's?

I've had my mortgage with the Halifax for just over 6 years. I've just "renewed" my deal by going for baserate + 1.44%, and i was never informed of this "less than 3%" rule.

A case of mis-selling?

louisehj

My special offer period with halifax ended in july 08, remortgaged in aug 08, my docs state a variable rate which is 1.29% above the BOE base rate. I have looked through my documents but cannot see anything mentioned to the 3% rule, nor in the mortgage conditions booklet that arrived with the documents.

lwrighty

It maybe only for customers with a tracker.

Not sure i'm allowed to post links but heres some info on it.

http://www.moneywise.co.uk/news-views/2008/10/21/halifax-borrowers-mortgage-squeeze

sammyjammy

The information for all Halifax mortgages are in Halifax Mortgage conditions booklet 2004 on page 13 and 14, the tracker bit is 9.3d.

It looks like anyone with a rate that tracks below the base rate can be changed onto a rate that is above the base rate as well, the booklet says;

We can also change the tracker margin to your disadvantage but only at any time when the tracker base rate is less than 3% a year. By to your disadvantage we mean increasing the tracker margin where it is positive or zero, reducing the tracker margin where it is negative, or changing a negative tracker to a positive one."

It goes on to say any change will be for a valid reason - what a joke anything they like can be a valid reason, I'm still unsure if they will action these strange conditions given its only Halifax that it applies to, it would give them some very bad publicity, I'll be so cross if base rate ends up at 1% which would move me on to a +2.13% tracker, I can handle that if its 3.13% but if it stays at that margin when the base rate goes up again I'll be furious.

I bet Halifax are rubbing their hands with glee they can never have imagined they would get the opportunity to use it!!

"

bengee1977

sammyjammy wrote: »

We can also change the tracker margin to your disadvantage but only at any time when the tracker base rate is less than 3% a year.

Could this mean once the base rate has been below 3% for a whole 12 months?

sammyjammy

bengee1977 wrote: »

Could this mean once the base rate has been below 3% for a whole 12 months?

No I don't believe so:D

bengee1977

sammyjammy wrote: »

No I don't believe so:D

Worth a shot!

If they increase the margin on my tracker (assuming the BoE baserate goes below 3%), they're gonna have a fight on their hands! :rotfl:

minimike2

UPDATE...

I have recevied an initial response, but only to advise that the enquiry has gone "up the line" to a different department for clarification.

Watch this space....

scoutie

Hi All,
I have an IF tracker mortgage that is currently BOE -0.19 and then next September reverts to BOE +0.76 for life of mortgage. I know that IF is part of HBOS but cannot find any 3% clause or the like in the IF mortgage conditions. Can the IF ones be different from Halifax? Does anyone know about the IF position on this?