MSE News: 40,000 Halifax mortgage holders at risk of payment hike

cumbrianlady

Hi

I have just rung the Halifax and they are saying nothing apparently a full announcement is to be made tomorrow.
They did say I am not one of those who will get a letter.

So, does this mean at the moment I am OK, I am on interest only mortgage SVR taken out in Dec 2008 for 2 years then again in DEC 2010 for 2 years (both time with Halifax)

So worried I was hoping to get some news from them today.

Thanks

kingstreet

cumbrianlady wrote: »

I am on interest only mortgage SVR taken out in Dec 2008 for 2 years then again in DEC 2010 for 2 years

Where does the SVR come into this? You've stuck it in there and it makes no sense.

You took out a mortgage in December 2008 for two years but don't say what the rate type was. Then you took another mortgage offer in December 2010, again not saying what type of rate you chose.

Either way, you appear to have an offer running until December 2012 of some kind...

both time with Halifax

Thought that might be the case...

cumbrianlady

kingstreet wrote: »

Where does the SVR come into this? You've stuck it in there and it makes no sense.

You took out a mortgage in December 2008 for two years but don't say what the rate type was. Then you took another mortgage offer in December 2010, again not saying what type of rate you chose.

Either way, you appear to have an offer running until December 2012 of some kind...


Thought that might be the case...

Does the rate matter - I am just trying to find out if I am effected.
Yes my present mortgage is until Dec of this year with the Halifax - nothing I can do about that.
All I am trying to glean is does the rise effect me.
If you do not know - then fine.
It it a variable rate interest only.

Thanks

kingstreet

You will be affected if you are on Standard Variable Rate (SVR). If you are on a limited-term product (ie to 31/12/2012) which is either variable or fixed, you are unlikely to be affected.

If you hadn't stuck "SVR" in the middle of;-

So, does this mean at the moment I am OK, I am on interest only mortgage SVR taken out in Dec 2008 for 2 years then again in DEC 2010 for 2 years (both time with Halifax)

it would have been straightforward to simply say you would not be affected.

If you're on SVR you will be affected. If you aren't on SVR you won't.

1jim

Was there not a clause in contracts which said svr was x amt above base rate?

I am almost certain that chelt gloucester had a clause which said svr was 2 % above boe br, they they introduced another svr for everyone else to charge more.... Did halifax not do this?

John424

Am I affected? Mortgage taken out Sept 2006, had two fixed rate deals with the Halifax since then but reverted to SVR last Oct.

With a mortgage of £210k currently and being shifted onto repayment from interest only (paid capital off with annual bonuses) in the last 2 months, my repayments then have gone from £600 a month to £1300 a month, deep joy at a moment when I also have two kids in private nursery for 6 months!! Who says you are rich on £100k household income per year, ridiculous!

kingstreet

John424 wrote: »

Am I affected? Mortgage taken out Sept 2006, had two fixed rate deals with the Halifax since then but reverted to SVR last Oct.

With a mortgage of £210k currently and being shifted onto repayment from interest only (paid capital off with annual bonuses) in the last 2 months, my repayments then have gone from £600 a month to £1300 a month, deep joy at a moment when I also have two kids in private nursery for 6 months!! Who says you are rich on £100k household income per year, ridiculous!

I believe you will be affected. Is it worth you looking at your Product Transfer options with Halifax, then thinking about remortgaging elsewhere if they aren't good enough?

John424

Halifax other options just weren't competitive enough and the SVR was low enough to induce apathy! My mortgage broker said he would call me when he had something as he said I am difficult to move on! I suspect because my work is of a contract nature, lenders won't currently touch me with a barge pole although my wife has just gone back to work after her final maternity leave so that should increase out attractiveness to other lenders

captainhaggis

F*cking Halifax.

(no, I don't have a mortgage with them)

Thrugelmir

captainhaggis wrote: »

F*cking Halifax.

(no, I don't have a mortgage with them)

And the purpose of your post?

I guess you've nothing to add to the debate.

You'll be in better company in the MoneySaversArms.