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

Pennypanj

Hi,

I'm not sure how to work out whether I am entitled to anything or not- I haven't had a letter yet- but I thought I might get something... can anyone give me a hand?
I was offered a mortgage with Halifax July 2006- and took them up on the offer from Sept 2006- it was a fixed rate until Sept 2008- then went on SVR from then until present. My mortgage offer has the statement saying that the SVR will not ever be highe that 2% etc... but do I still qualify even though my mortgage changed from fixed rate to SVR? I got a small further advance in October 2007- and I think it could be this that maks me ineligible.
Most others seem to have received letters by now- so am starting to think that perhaps I was kidding myself.

Any help will be much appreciated!
Thanks

lvm

Pennypanj wrote: »

Hi,

I'm not sure how to work out whether I am entitled to anything or not- I haven't had a letter yet- but I thought I might get something... can anyone give me a hand?
I was offered a mortgage with Halifax July 2006- and took them up on the offer from Sept 2006- it was a fixed rate until Sept 2008- then went on SVR from then until present. My mortgage offer has the statement saying that the SVR will not ever be highe that 2% etc... but do I still qualify even though my mortgage changed from fixed rate to SVR? I got a small further advance in October 2007- and I think it could be this that maks me ineligible.
Most others seem to have received letters by now- so am starting to think that perhaps I was kidding myself.

Any help will be much appreciated!
Thanks

Hi Penny,

Not to worry - I haven't received my letter yet and I've already received credit to mortgage then it reversed and received and cashed the cheque. Sounds like you're entitled to the goodwill payment.

Just take your mortgage amount (let's say its £100k), multiply by 1% then divide by 12 then multiply by 27 (think it's 27 months you get back) so for £100k mortgage on interest only, you'd get £2250. This amount would decrease a bit if you were on a repayment mortgage.

Feel free to post the actual figures and I'll work out for you...

You can always phone them up too and they've been quite helpful - they'll confirm the amount credited and get it sent out in a cheque for you if you'd prefer.

Fingers crossed for you! x

EDIT - I have just seen your additional comment so I'm not quite sure about this. Definitely give them a ring though and they'll tell you straight away!

Pennypanj

Thanks for your advice IVM. I'm probably the most unlucky person ever- I've just read that you are entitled unless you had an advance after Sept 2007- I got mine in Oct 2007! Typical!!!!
Doh!

Lawsey

Hi

I've just got a letter this morning telling me £1660 has been credited to my Mortgage. Would you advise i ask for a cheque or is it better off staying on my mortgage? I'm getting married in June so could really do with the extra cash!!!!

Thanks for your help
xxx

kangaroo100

The very wise amongst us would probably say to have it credited to your mortgage, but I think it depends on how much of a dent it will really make!

I got my letter today, and thanks to the advice on here, called them up and am now waiting for my cheque.

The call took about 3 minutes and I didn't get any hard selling to persuade me not to take the money, just a helpful chap who processed my request.

grey_lady

I'm confused about being in the £250 camp as well, I've been on the svr since sept 09 but without being locked in, prior to this I was on a tracker for 2 years which was tied in but the tie in stopped when it reverted to the svr. So is the 250 payment correct? I thought that applied to people who were locked in whilst on the svr???

xyellowx

phone tuesday 5th asked for cheque
cheque arrived sat 9th
£1590 hope it doesnt bounce

Mr_Falling_Star

Got mine, a little less than I thought at £1130 but still welcome

Yorkielass

I got £2900 - very nice bonus indeed.

Took out a 2 year fixed rate in December 2006 so have been on the SVR since December 2008, the whole time this applies too.

I phoned up on the 1st April to get the balance as I'm really slack with Halifax internet banking and can't remember log in details (I tried to get in this weekend, locked it and they're sending a letter apparently so hope I can get on soon) and they told me then.

Had the letter on Saturday, OH and I don't understand it particularly either (I get why Halifax are doing this but letter explains it badly I think), but if they want to take 2.9K off our mortgage that's great as that's a lovely chunk of overpayment and so I'm not requesting the money as a cheque instead.

The letter says that when the interest rate changes they will take this extra payment into account when they recalculate what we owe so I need to keep an eye on that.

curlygirl1971

Yorkielass wrote: »

The letter says that when the interest rate changes they will take this extra payment into account when they recalculate what we owe so I need to keep an eye on that.

Yes you're right. Like you I want to benefit from the reduction in capital - so when the SVR moves in future (and therefore when they change the standard payment) I'll increase my additional Over-payment by the difference. If I didn't want to OP then I could just ask the Halifax to reduce the term. I'd worked out that my payment from them reduced my mortgage (currently) by 5 months.