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

bell

Shame it is going back onto the mortgage account, I was looking forward to the windfall.

I took my mortgage out just before the 16 Sept 2007 cut off point and then reverted to the SVR in Sept 2009. My mortgage was for £100,000 (as near as dammit) and I calculated a 1% differnce in payments as £53 a month. I suspect I am inline for £1,007 coming off my outstanding balance of £93,000.

What affect will this also have on future payments. I will now have less money to pay over the remaining term. I presume the monthly payment will adjust slightly to reflect this.

beecher2

Isn't this only for people who sorted out their mortgages through the Bank of Scotland?

Mandark

senza7 wrote: »

Hi
Can anybody tell me does this effect me?? I took a 5 year fixed mortgage april 2006 and on my terms says it will revert to SVR 2% when terms ends april 2011? Does this mean i will be paying 3.5%??
angie:-)

I think you are included based on the official wording below. Edit: No I think you are not now. You're still on fixed term. I miss out as I had my offer in April 2008 and reverted to SVR in April 2010.

1. Does this affect me?
If you took your Halifax mortgage out with us following receipt of an offer between 20th September 2004 and 16th September 2007, you will have received a mortgage offer which had a summary of the cap.
If you remained on the same mortgage conditions on 1st January 2009, you are affected and will be sent a letter during April. The content of that letter will depend on your individual circumstances.

http://www.halifax.co.uk/mortgages/help-and-advice/existing-customers/Halifax-Standard-Variable-Rate-announcement/

debtfree2016

at last some financial justice.... shame its not going in the pocket...

beecher2

Mandark wrote: »

I think you are included based on the official wording below. I miss out as I had my offer in April 2008.

http://www.halifax.co.uk/mortgages/help-and-advice/existing-customers/Halifax-Standard-Variable-Rate-announcement/

I don't think so because of this

3. How will you decide who gets a goodwill payment?
Payment will be made to customers that received a Halifax mortgage offer between 20th September 2004 and 16th September 2007, and have been paying SVR at any point since 1st January 2009.

Mandark

Oops agree Beecher. Will edit.

PDCE

Does anyone know if you have a Halifax tracker taken out in July 2004 that reverted to SVR in July 2006, is this covered and compensation owed?

beecher2

PDCE wrote: »

Does anyone know if you have a Halifax tracker taken out in July 2004 that reverted to SVR in July 2006, is this covered and compensation owed?

Not from what they say on their website - your deal was a few months too early.

payless

http://uk.finance.yahoo.com/news/Halifax-pay-500m-customers-tele-4193241733.html?x=0

implies they think some people where told that SVR calculation was changing , others not told.

curlygirl1971

bell wrote: »

Shame it is going back onto the mortgage account, I was looking forward to the windfall.

I took my mortgage out just before the 16 Sept 2007 cut off point and then reverted to the SVR in Sept 2009. My mortgage was for £100,000 (as near as dammit) and I calculated a 1% differnce in payments as £53 a month. I suspect I am inline for £1,007 coming off my outstanding balance of £93,000.

If I'm eligible and if they pay back the 1% difference then I calculate it to be around £375 in total. So hardly a windfall for me :rotfl:but even so - a payment of £375 would reduce my mortgage term by a month. So wouldn't complain! Pretty sure I am eligible but am going to try and forget about it so I don't get my hopes up