Halifax Standard Variable problem

beecher2

I don't mean to sound cheeky, but feel that English might be your second language and there may be some sort of issue with understanding what 'variable' means?

felixrv

So why in the contract, did it not say or even on there website, 'Halifax reserves the right to change the standard variable rate whenever it likes at whatever rate it likes'.
It seems to me that they haven't done this because they know people might think twice before taking a mortgage with them.Double standards.

beecher2

felixrv wrote: »

So why in the contract, did it not say or even on there website, 'Halifax reserves the right to change the standard variable rate whenever it likes at whatever rate it likes'.
It seems to me that they haven't done this because they know people might think twice before taking a mortgage with them.Double standards.

because the word 'variable' says it for them. There are very few lenders who presently have an SVR of 2.5%

GMS

felixrv wrote: »

So why in the contract, did it not say or even on there website, 'Halifax reserves the right to change the standard variable rate whenever it likes at whatever rate it likes'.
It seems to me that they haven't done this because they know people might think twice before taking a mortgage with them.Double standards.

http://www.halifax.co.uk/mortgages/A_Z_Mortgages.asp

Standard Variable Rate
A rate set by a lender which usually applies when an initial product comes to an end.The rate can go up and down.


YOU chose the product without understanding what it was. Nothing to do with anybody else. Halifax have not lied or misled.

felixrv

so i look forward to my 500% increase hike next month which I can do nothing about. I will make sure people understand this, don't worry about that.

GMS

felixrv wrote: »

so i look forward to my 500% increase hike newt month which I can nothing about. I will make sure people understand this, don't worry about that.

Check historical SVR rates. Never going to reach silly figures.

You keep saying you can do nothing about it. You could change products with Halifax or move elsewhere unless you know you can't for some reason.

Unfortunately for you, most people already understand what Variable means. Cannot see what you are hoping to achieve.

SandC

felixrv wrote: »

so i look forward to my 500% increase hike next month which I can do nothing about. I will make sure people understand this, don't worry about that.

They can do that but they won't as everyone will leave and go elsewhere.

dkmax_2

felixrv wrote: »

I will make sure people understand this, don't worry about that.

The only person that doesn't understand what a standard variable rate is appears to be you.

You are trumpeting about this as if it is some massive consumer swindle that you have single-handedly discovered and that consumers need to be warned. All you are doing is highlighting how you don't understand normal mortgage terminology and how the mortgage market works.

felixrv

so why aren't they leaving because they shoved up the standard variable rate to 3.5% when it should be 2.5%

felixrv

It might be obvious for mortgage brokers(which the majority of you are) but it is not obvious for customers. Considering banks need customers, then I feel I need to highlight there terminology, especially considering this is not a small amount of change.