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

edited 30 November -1 at 1:00AM in Mortgages & Endowments
557 replies 99.7K views
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  • I think I might be affected as I have a mortgage with Halifax taken out in 2006 which reverted to SVR about 2.5 years ago.

    I'm actually about to move to another mortgage supplier so not sure how I'll be reimbursed as I suspect this move will be complete before April 2011 when they claim they will start this process.

    Any ideas?
  • curlygirl1971curlygirl1971 Forumite
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    41123a

    Have a look at the offical announcement on the Halifax Website (link above)

    It says that customers who have now left the Halifax will be written to (Point 5)
  • hi all. We took out our mortgage for £193,500 in June 2007 at a fixed rate of 5.19. We then went onto SVR in October 2009 until now so would we be affected?
    Can you have a payment to your bank rather than off the mortgage!!!:o
    advice appreciated!
  • edited 22 February 2011 at 10:26AM
    curlygirl1971curlygirl1971 Forumite
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    edited 22 February 2011 at 10:26AM
    payless wrote: »
    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.

    I looked into this and queried it in branch a while ago around Spring 09.

    I was told that those already on the SVR when they increased from BOE +2% to +3% were written to. If you weren't on the SVR at the time of the change then you wouldn't have been informed.

    When the increase was made I was still on the fixed term so didn't find out until I got my 'Change to payment' letter and I noticed the SVR being applied was more than I was expecting. I was annoyed at the time and scrutinised the T&C's. I recall seeing a line in my mortgage T&C something like "(at the end of the term)......the SVR will be applied, currently at XX% (ie BOE plus 2%)". I'm sure that I saw something else - may have been in T&C's...... saying that the Halifax could change the margin in certain situations.

    I just didn't see the point in complaining at the time - a bit lazy but after chasing up a complaint regarding another Halifax product for 10 months (and being left a rude message on my ansa phone by the Branch Manager!) I just couldn't face it.....and after all they did say they could change their own margin
  • Looks very much like this affects me and I say to my wife at the time why is our rate still at 5 and a half percent.

    We took our mortgage out with the Halifax in 2006 am the rate was fixed for 1 year and has been SVR since then.

    So am I right in saying the rate should have been 2.5% which is the BofE rate of 0.5% plus the 2% cap

    If so I have paid about 3% over for a few years, will have to dig out the offer letter and the yearly statements since then.
  • I cannot see how they can apply the redress to you mortgage the only time they can do that is if you are in arrears remember they have to abide by the terms of the contract so reducing the term is not an option unless stated in the T&C's

    So if you are in arrears those arrears will be cleared or reduced and if cleared any redress over should come to you.
  • saving123saving123 Forumite
    353 posts
    Part of the Furniture 100 Posts
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    can anyone tell me if this will affect me - i took out a mortgage with halifax in december 2006 on a 2 year fixed rate. At the end of this i moved onto another fixed rate?

    thanks in advance
  • paylesspayless Forumite
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    saving123 wrote: »
    can anyone tell me if this will affect me - i took out a mortgage with halifax in december 2006 on a 2 year fixed rate. At the end of this i moved onto another fixed rate?

    thanks in advance

    not from what I read, as it applies to the time you were actually paying SVR
    Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.
  • edited 21 February 2011 at 5:39PM
    curlygirl1971curlygirl1971 Forumite
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    edited 21 February 2011 at 5:39PM
    Looks very much like this affects me and I say to my wife at the time why is our rate still at 5 and a half percent.

    We took our mortgage out with the Halifax in 2006 am the rate was fixed for 1 year and has been SVR since then.

    So am I right in saying the rate should have been 2.5% which is the BofE rate of 0.5% plus the 2% cap

    If so I have paid about 3% over for a few years, will have to dig out the offer letter and the yearly statements since then.

    If you've been on the Halifax SVR after the end of the fixed rate period you will have been paying BOE plus 2% until Dec 08/Jan 09 and then BOE plus 3% thereafter.....So 3.5% since Mar 09
  • Thanks curlygirl so still about 2% over what I should have been paying.
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