halifax mortgage

mondello

Mine is £1500 less today too! I was hoping that they had just added all my overpayments to it today which has brought the amount down. I know the amount shown on online banking is never quite a true representation.

After reading this thread I think I could be disappointed when I next log on then :-(

mrstiggywinkle_3

This has happened to mine today too - came on here to see if anyone knew what was going on. Was hoping for there to be an explanation of why they had owed me the money - wishful thinking!

BaldySmurf

Same here too - £5000 down! Waiting for it to pop back up again!

xyellowx

mine still showing the same £1700 less today i phone up and the guy didnt seem to know what he was doing
so i asked to speak to sombody that did, they said "due to the upgrade my mortgage balance was only showing what was owed with no interest taken into account"
fair enough but then i thought about it and ive got about 16 years left on my mortgage surely i owe more that £1700 interest? i still dont know

opinions4u

They've moved Halifax data on to the Lloyds TSB system.

Best guess from me is that the LTSB system isn't calculating YTD interest, whereas the Halifax one included accrued interest to the previous month end.

xyellowx

thrugelmir- i got a cheque for around £1500 about 5/6 months ago for overpayments

james3333

its still the same for me today, guess nothing good will come out of it tho....by tomorrow it will have gone back up im sure

Thrugelmir

opinions4u wrote: »

They've moved Halifax data on to the Lloyds TSB system.

Best guess from me is that the LTSB system isn't calculating YTD interest, whereas the Halifax one included accrued interest to the previous month end.

Are Halifax mortgages on an annualised interest basis rather than daily, charged monthly?

Tebheag

Can't see any figures for mine on halifax just the credit card ?!?

opinions4u

Thrugelmir wrote: »

Are Halifax mortgages on an annualised interest basis rather than daily, charged monthly?

While there may be some ancient mortgages where interest is still calculated annually, the vast majority of mortgages (and certainly all those taken out since around 2001) have interest calculated daily.

This is then capitalised annually to the mortgage account and appears on the paper statements.

Historically (that means up to last week), the online balance figure, which has never been one that I would rely on, appears to include interest accrued to the previous month end.

My best guess is that the data transfer to the Lloyds TSB platform has led to this month by month interest calculation not being included in the balance figure. So there's no reflection of interest since the last statement was issued in people's online balances, hence the apparent reduction in debt.

Alas, it's not a real reduction in debt!