Halifax new product problem

deefadog

Hi all, my first post, so go gentle

Ok, I took out a 20 year straight repayment mortgage 5 years ago (last November), I had it fixed for 5 years. Once the fixed rate ran out I contact them and I had the term reduced to 10 years and to be fixed for that amount of time (i just want to know where i am with the payments).

Had confirmation of this in the post and the correct payment is coming out each month! so fixed at 5.9% until the end of the mortgage - 2015.

Now the aggrement came through for me to sign and it was still based on my old product, i.e term over 14 years and 11 months and the payment was also wrong.

I just contacted them (very helpfull btw) but thay said they could not send me out a new agreement based on the new product, because of the 'system'

But they said if i just signed the agreement (even though it was wrong) they would send me out a letter confirming the correct arangement! for me to keep as proof, they also put a note on there system!

So finally, is this ok? should i have any problems in the future when the 10 years is up? or could they hold me to the one i signed?

Hope you can understand this

Take care

dougk_2

They might not like it , but i would physically change the agreement with the correct rate and figures , sign and return - keeping a copy first. The worst is that they would not accept it and then they would have to "produce" a new copy anyway and if doing this there is no reason that it is not amended first.

I'm not sure if this is "the best way" but its better than just signing a wrong agreement. I would NOT sign an un-amended agreement.

deefadog

Thanks for the reply, yes i thought of this!

Worth a try

I don't like the idea of signing an agrement which i am not in agrement with!

JayS_3

Does not sound 'right' to me. I had to take the Halifax to the Financial Ombusman about 3 years ago when they had two SVRs, and won the case, so maybe it would be worth searching around for a 'best' deal.

Have you tried London & Country, Martin recommends them, I used them when we left the Halifax and am just in the process of using them for the second time. I have searched elsewhere to be double-sure but cannot find a better deal for the product terms we asked for, and so far cannot fault them. They do not charge a fee, they take from the mortgage company not you, and they can negiotate better rates than we can. Its all done my phone and post, so also saves time. Wonderful.

PS I don't work for them!! Honest.

Best wishes,
JayS

deefadog

Thanks jay, will look into it!

I have just sent a strong worded letter to the MD of the Halifax, hopefully this will get things on track! Not sure if it will make a difference but worth a try.

The thing is now, this has been going on since November last year and as payment have been coing out for the new product, how leagally binding id this? as we have not signed anything? Also in the meantime we are looking to sell and buy a larger property, thus the mortgage will be changing again, so I'll book an appointment with our local Halifax and see what can be done, don't want to pay unnessasery charges if i can help it as the current one is at a fixed rate.

Thanks

deefadog

Had a result from this! had a 2 page apologetic letter this morning, the correct form is in the post apparently and also gave us a complaint form and envelope if we have any further problems!

JayS_3

deefadog wrote:

Had a result from this! had a 2 page apologetic letter this morning, the correct form is in the post apparently and also gave us a complaint form and envelope if we have any further problems!

Congratulations deefadog

Have Halifax offered you any compensation with their apology?

Maybe worth a try, they did cause you a lot of hassle and uncertainty and stress whilst you worried about it.

Best wishes

JayS

deefadog

Thanks, No compensation, but we are just glad to get it sorted out! We will be changing this again in the near future, so I'll remind them of it then and see what i can get out of them.

Any words of advice I can have that would work well with these? I am not very good at arguing my case

deefadog

Ok, update, still no joy, after a very helpful person from the Halifax promising to sort it out, we had the last letter saying that we had to sign the original agrement they sent us (which is completely wrong)!

I have had enough and i am going to move to another company! - Nation wide seems the best deal at the moment and is cheaper than the Halifax

Problem is how do i stand leagally?

Our monthly payment for the last 6 months has been the agreed fixed term amount, even though they can't send me the proper form for me to sign, so i have not really agreed to this amount in writing!

This amount is about £40 less compared to there varible rate, if i move now what will happen? can they hold me to pay the difference of what the variable would have been?

Any help much appreciated!

deefadog

OK, just phoned them and cancelled the product with no repayment, will be moving charpish!

What a bunch of cowboys!!