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

mau408

helen

I think you need to post more information. i.e. how long on svr, what mortgage type was, how much owed.

helen01234

mau408 wrote: »

helen

I think you need to post more information. i.e. how long on svr, what mortgage type was, how much owed.

Hello,
Just rung them:
We are on a variable (I thought we were on a fixed mortgage!)
Interest rate 3.5%
Had mortgage since 2003
balance: 120,764
Does that help?
Helen

mau408

Bit confused as to why you any got payout at all - has anyone else got a payout for 2003?
Did you get change to a new mortgage in the time period stated? The compensation is for mortgages taken out between sept 2004 and sometime in 2007.
When did you go onto the Standard Variable Rate?

helen01234

mau408 wrote: »

Bit confused as to why you any got payout at all - has anyone else got a payout for 2003?
Did you get change to a new mortgage in the time period stated? The compensation is for mortgages taken out between sept 2004 and sometime in 2007.
When did you go onto the Standard Variable Rate?

yes sorry we swapped onto the new mortgage in 2007. sorry i didnt state that

mau408

which month? 3 yr fix?

curlygirl1971

helen01234 wrote: »

Can anyone help me with this. We got a letter yesterday stating a measly £250 was credited.
We pay £694 per month on our mortgage. How do I work it all out? Surely I am owed more than £250? I really understand it but dissapointed with £250 considering we were obviously mis sold this!

Helen, The terms in the 2004 v2 T&C state:-
'We have set a limit on the Halifax SVR so that it will not be more than 2% above BOE Base rate. We can change the 2% limit but, before we do, we will give 30 days notice to customers who pay interest at the SVR, a discounted rate or an added rate and are subject to an early repayment charge.'
People who fall into that last bit have received £250 rather than the 1% difference. So you were either on the SVR before January 2009 or you are locked into the SVR.

Not sure what you mean by 'mis-sold'.........

elbutre

i have just noticed that the halifax has reduced my mortgage by £5585 :beer:

result!!

the letter explaing the payout is very confusing, i still don't understand it but nevermind, i also am baffled they did not include a calculation of the amount. that would have really helped.

finally if they reduce the amount of the mortgage by means of a good will payment it seems that it does not affect future repayment amount. although they claim as the mortgage amount has been reduced that i am paying less interest on the outstanding amount, true but that is not the same as applying the calculation used for the refund to future monthly repayments which would have been really nice!!

anyway i am not complaining but would love to know how the halifax calculated these payments.

it is a shame that the halifax will probably loose me as a customer as i am looking at a new fix and they do not come out tops.

LondonLass

elbutre wrote: »

i have just noticed that the halifax has reduced my mortgage by £5585 :beer:

result!!

the letter explaing the payout is very confusing, i still don't understand it but nevermind, i also am baffled they did not include a calculation of the amount. that would have really helped.

finally if they reduce the amount of the mortgage by means of a good will payment it seems that it does not affect future repayment amount. although they claim as the mortgage amount has been reduced that i am paying less interest on the outstanding amount, true but that is not the same as applying the calculation used for the refund to future monthly repayments which would have been really nice!!

anyway i am not complaining but would love to know how the halifax calculated these payments.

it is a shame that the halifax will probably loose me as a customer as i am looking at a new fix and they do not come out tops.

Well done you! Were you on the SVR for the entire period (from Jan 2009)? It must feel great to have got back money that you should never have paid to them in the first place!

senza7

Advice please , I took a mortgage with the halifax april 2006 5 years fixed runs out april 2011. I have not recieved any letters from halifax regarding my new mortgage payments etc , Until now I have recieved a letter on wed 6th april from halifax basically looks like a standard letter saying that there has been a misunderstanding with the mortgage offer I had recieved and will be 3 % not 2% above BOE dont know if anybody has recieved the same letter, and states as long as you get 30 days notice there can chage the svr,well mines runs out end of april so not given enough notice? I have rang the Halifax today who has told me there would have sent a letter to us with the new payments details and new rate, but couldnt tell me when said its computer generated which I have NEVER recieved and the FACT was i had to pay 3% he was very unhelpful , where do I go from here? ARGH!!!!

melanieabc

hi all ive been on svr since november 2004 i got my letter and all i got was a sodding fiver are they having a laugh or what. could mine be wrong i am still on it now never changed my mortgage at all and im not tied into anything and never have is there anybody who can tell me if that is right