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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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  • Hi, anyone know if this would include other halifax group companies such as TMB The Mortgage Business? I have a mortgage which has reverted to SVR but seems to have been kept very high!
    Thanks
  • Graham_DevonGraham_Devon Forumite
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    Interested in whether they can just pay it off the mortgage. I don't really mind, it's a welcome lumpsum either way. However, like others have said, I'm not sure they can just credit the mortgage and wipe some of the balance off, as they have taken more money out of our accounts than they should have, apparently, hence the repayment.

    Surely we should therefore have the money given back to us, rather than paid off the loan? I'd probably put it straight back to the mortgage anyway, so I'm not too fussed and it's welcome either way, but unsure how they can in effect, if they are admitting the error, force us into overpayments?
  • I took out my 2 year fixed rate mortgage in November 2006, which has since reverted to SVR.

    It is with Bank of Scotland, not branded as Halifax - does anybody know if this rebate will apply to me?
  • In answer to Graham they cannot unless it is written into the mortgage contract, a contract is a contract and lawful in a court of law they have to abide by the terms just as you have to.

    And the terms are X amount over X amount of years

    Like I said if the account is in arrears then they can withhold the arrears amount so the account is up to date, but again that has to be written in the contract which it usually is.
  • edited 21 February 2011 at 10:13PM
    pompeyfaithpompeyfaith Forumite
    536 posts
    edited 21 February 2011 at 10:13PM
    I recommend that everyone reads there mortgage contract and if you do not have a copy SAR the Halifax for a copy as it is times like this that our mortgage contracts are very important as it governs our mortgage with benefits to us and them.
  • lvmlvm Forumite
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    I think the comments people are making about "they cannot just put the money into mortgage - have to give you it in cash" are really interesting.

    I don't disagree at all but it's evident that Halifax don't seem to have admitted any fault but just refer to the "potential confusion" so they're not saying "sorry, we made a mistake, here's your money back" - it is just a goodwill payment.

    Obviously they will write to everyone confirming they've put money onto mortgage account - can't wait to hear the stories of those people who do decide to take it a little further and demand the cash.

    I wait in anticipation...
    Mortgage Free Journey!
    Total Purchase Prices - £1,031,000
    Current Values - £1,150,000
    Mortgage(s) March 2019 - £708,102
    Aim for March 2020 - £695,000
    Aim for March 2021 - £680,000
  • Even a Goodwill payment can be paid in cash there is nothing in law that says you have to overpay your mortgage.

    There is nothing hard about that statement it is simple facts, they are relying on people not knowing this and in many cases a lot of consumers will not know and take what the Halifax says as gospel.
  • Ill put it another way providing your mortgage is up to date and on target it finish on the date stated on the contract there is nothing more they can expect.
  • StephenM_2StephenM_2 Forumite
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    I think I'll miss out on this one. My current deal was taken out in the relevant period, but its a lifetime tracker so I've never paid the SVR on it.

    Shame. Still the tracker at Base Rate +0.99% is pretty good, so mustn't grumble.
  • susieannesusieanne Forumite
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    I have my morgage with Intelligant Finance which is part of Halifax would this apply to Inteligant Finance customers ??
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