Halifax Variable Rate 2 mortgage

pockettime

Is there anyone else out there who is on the Halifax Variable Rate 2 for there mortgage?

If there is, did you know dispite the halifax informing the BBC news and ITV news that they were passing on the lastest rate cut of 0.5 to halifax variable rate customers, they are not, only to variable rate 1 customers not variable rate 2 customers!

I am the only one on this variable rate 2 with the Halifax?

Regards

trixie73

never heard of rate 1 and 2. whats the difference

money_maker_3

HVR2 was only offered for a very limited time to a specific number of customers quite a few years ago and it is lower than HVR2.

The terms and conditions for HVR1 is that it cannot be more that 3% above B of E, but I cannot remember the exact terms for HVR2

pockettime

HVR2 was offered to all and there was 3 year year window to opt for it or just take it out, like I did.

The HVR2 rate is currently certainly well above 3% with the Halifax.

My worry is, there are others out there, who are on on this rate, thinking like I did that our payments would go down, as the Halifax claimed that they were passing on the latest rate cut to standard variable rate customers. But they are not passing on the variable rate 2 customers!

I do not think the news reporters got it wrong, but the halifax clearly over looked these customers on this variable rate!

Again, are there any other customers on this rate?

regards

Macartist

Yes I have been on the HVR2 for a few years, it use to be pretty good which was why I stuck with it for so long but the difference between this and the standard variable has now been wittled down to 0.1%, that is if they don't pass on the last cut to HVR2. It seems to me that the Halifax are trying to drive people off the rate onto another product. If given the chance it will be somewhere else, Lloyds perhaps!

Macartist

The March cut has been passed on, have just received my letter, HVR2 is now 3.4%!