Halifax Mortgage -Bad Advice? What to do?

webminx

Hi everyone,
I browse here a lot but have only posted once or twice I think but I immediately thought of coming here for your advice - I hope you can help me! Sorry if this is a bit long, but am really unsure of what to do!

I have a fixed three year mortgage with Halifax. As interest rates fell, we were keen to explore ways of reducing our repayments (it is a repayment mortgage). I therefore went to my local Halifax branch, where an advisor sat with us (my husband and I) for over an hour, discussing the possibility of switching to the standard variable rate, and whether or not, after paying the early repayment fee, it would be viable for us. It was; but only barely, so she advised me to check back nearer the time of the mortgage's first "anniversary" when that fee would be reduced by 1%.

I did that by phone, a few weeks ago and a call centre agent in their mortgages department did the same calculations with me by phone, confirming that I could switch to the SVR and that the repayment fee would be less, thus making switching a good option for us. Last week, I made an appointment (for tomorrow) to meet a mortgage advisor in-branch again, to finalize this. He called me this morning to tell me that:
1. I could not switch to the SVR
2. That this contradicts what his colleagues had told him
3. That he could see on the computer, who we had met the last time in the branch, and that she was not a mortgage advisor
4. That he had no idea why that misinformation was repeated by a call centre advisor from the mortgage department
5. That there was no point in coming in for the appointment as he could not help me

I am fuming! We made some important decisions on the back of the advice we received and I had assumed, that it would be correct. To learn that I was misinformed, and apparently by someone not qualified to dispense mortgage advice is shocking! I phoned to complain this morning, and had a pretty long call to a helpful lady, who seemed convinced that my issue was that I didn't realize there would be a repayment charge! I finally clarified, and Halifax are "looking into it internally". I don't know what I should do! A coworker said I should think about escalating this to FSA/ombudsman - what do you think? Would be very grateful for any advice! Best wishes, webminx

beecher

Phone up the mortgage department again and see what they say - I've always dealt directly with them since I received advice which proved to be wrong from my branch. There's no need to finalise anything with the branch, as the mortgage department can finalise everything for you. Just phone up and say you want to move to the SVR and see what they say.

In saying this, I've no idea if the Halifax allow you to come out of your deal early or not - but I'd say this should be your first move. I wouldn't bother with the FSA etc as ultimately Halifax could've changed their position and something they would allow weeks/months ago might no longer be policy.

webminx

Thanks Beecher! I'll give that a try tomorrow. It's worrying that the branch advisors are providing bad/misleading information to mortgage customers - I've written a letter to the branch also so hopefully we can get this sorted out. I've yet to calm down though !

wantabetterlife

Out of interest what would you be saving per month? Have you thought about if the interest rates go up in the next two years and also factor in the cost of a new mortgage deal if you need one. I know halifax are charging £999 for a lot of their new deals. What is your current fixed rate?