Standard Variable Rate changed from 2% to 3%

kukoo

Hi folks..

I am with halifax and my two years fixed rate mortgage comming to an end. I received a letter from halifax saying that my Standard variable rate will now be 3% above the bank rate after my fixed rate period is over. I checked my mortgage papers and it states that it will be 2% above the bank rate.

Can they do that what if they send me another letter saying it will be 4 or 5% above the bank rate than what do i do?

Also what happens to the property if I die, can my wife/partner get it or do i have to tell halifax about who to give the property etc...

Many thanks in advance
T

opinions4u

kukoo wrote: »

I am with halifax and my two years fixed rate mortgage comming to an end. I received a letter from halifax saying that my Standard variable rate will now be 3% above the bank rate after my fixed rate period is over. I checked my mortgage papers and it states that it will be 2% above the bank rate.

Where in the papers does it commit to this? What exactly is the wording? My understanding is that the Halifax SVR is not formally connected to the BofE rate and they can charge what they choose.

Also what happens to the property if I die, can my wife/partner get it or do i have to tell halifax about who to give the property etc...

It's your property. The Halifax just have a mortgage on it. See a solicitor and get advice about making a will. Make sure you have life cover in place if appropriate.

payless

In offers around 2 yrs ago they said SVR was BofE base plus 2%, but with a clause that they could change it on giving 30 days notice to individuals

kukoo

Yeah your right.....I have been reading the mortgage doc a while ago...halifax can change or amend t&c if they want to and let me know....

Need to search or read more before going to see a solicitor for a will......

Thank you for your kind advice...

SelbyJay_2

I'm with Halifax and my rate is 3.5%ish