MSE News: Halifax to repay £500m to 300,000 mortgage holders

emmajayne1982

Quote from Which website:

Former customers will receive a cheque. Current customers will have their mortgage balance reduced by the amount but can ask for the compensation by cheque instead.

Would be a nice bonus if we can request a cheque instead

mau408

I am pretty certain this applies to us. Anyways to provide some other background information we put in an offer on an house in May 2004 and had a first mortgage offer for a 5yr fix June 2004 (before the goodwill applicable date). However we had a revised mortgage offer for a 5 yr fix in Nov 2004 (within the goodwill applicable date) as the rates changed and took this one out as the house had only then become ready to move into.
Obviously in Dec 2009 we popped off the fixed onto the SVR and have been on it ever since. So we are probably due the interest difference of 1% for about 1.25yrs.
I've looked at both mortgage offers and they completely changed the format of the offers from the first to the second and the wording as already posted on here about the 2% cap is only present in the second offer.

clarkie82

As intelligent finance is a part of the Halifax banking group. I was wondering if this repayment would include those people who were offered a morgage within the relevant time frame, through IF?

payless

Regarding IF - NO

Different offer wording, different follow on rates/SVR

fzr-girl

i took out a further advance of £5000 in may 2005 fixed for 3 years then it changed to and am now on svr of 3.5% does this appy to me?

pompeyfaith

Emmajayne,

Former customers will receive a cheque. Current customers will have their mortgage balance reduced by the amount but can ask for the compensation by cheque instead.

Would be a nice bonus if we can request a cheque instead

If you read back for my posts you will see that I have brought this point to the attention of members here and stated my reasons why.

The only time thay can do this is if yiu are in arrears, if not there is nothing in T&C's that says you have to overpay

emmajayne1982

pompeyfaith wrote: »

Emmajayne,



If you read back for my posts you will see that I have brought this point to the attention of members here and stated my reasons why.

The only time thay can do this is if yiu are in arrears, if not there is nothing in T&C's that says you have to overpay

Sorry! I was just quoting what was on the Which website for information!

jonthedog

Good news. I came off the fixed rate at just the right time; I make out I'm due a nice fat cheque for around £2000.

Don't want to count my chickens, but it looks like I'll be able to buy about two thousand of them.

lvm

Very chuffed they're giving the option of a cheque now (although, come on! How old-fashioned!! Nice little BACS payment would be appreciated Mr Halifax!)

Paulgonnabedebtfree

opinions4u wrote: »

The poster stated:

It will be interesting to see how customers are treated if they went into arrears during this period - especially if the extra 1% caused it. The charges for being in arrears can end up being quite substantial. Even worse, I wonder if anyone had their home repossessed and/or their lives ruined due to being a bit short on the mortgage repayments for a while.

At the time in question Halifax cut their rate. Payments went down. It would be fairly unusual for lower payments to cause borrowers to go in to arrears.

"Halifax repossessed my house after I couldn't afford their lower payments" doesn't ring true to me.

I take your point. I imagine it would be unlikely in that case. Although I suppose a few people may have run into difficulties during the relevant period due to an unexpected drop in income (e.g. losing job a couple of months after the rates dropped). In those situations that 1% may have been a big help.