Question re Halifax rate change

MelodyMaker

Hi,


I'm 3 years into a 5 year fixed rate mortgage with the Halifax. They sent me a letter today saying they have increased my payments and the new one is little over 50p more than my current one.

I know it's only 50p but why is it changing if I'm on a fixed rate mortgage? It's a repayment and I've never missed a payment yet.

Just curious really.

Cheers

poppy10_2

What reason do they give in the letter?

MelodyMaker

Well because of the rate change. It shows a table showing changes to the fixed rate which I'm on but it doesn't show any percentage change and the SRV which has obviously increased. I know mine is fixed though so I don't understand.

Thrugelmir

MelodyMaker wrote: »

Well because of the rate change. It shows a table showing changes to the fixed rate which I'm on but it doesn't show any percentage change and the SRV which has obviously increased. I know mine is fixed though so I don't understand.

Merely informing you of the cost if you were to leave the fixed term product.

HBOS is keeping all borrowers informed. So there can be no accusation of misinformation levied against it.

MelodyMaker

Still doesn't explain why my payments are increasing, on 1st May 2012

opinions4u

MelodyMaker wrote: »

Still doesn't explain why my payments are increasing, on 1st May 2012

Did you have any fees charged to the mortgage when you took it out?

Do you pay on the 1st of the month? If not this could explain it.

MelodyMaker

Honestly can't remember if we had any fee's added on but would they be on the SVR?

Yes on the 1st it comes out.

Thrugelmir

MelodyMaker wrote: »

Still doesn't explain why my payments are increasing, on 1st May 2012

The SVR is changing wef the 1st May.

KTF

Phone them up and query it. Their system is crap when it comes to dealing with rate changes and overpayments.

The same thing happened to me when the BoE rate was changing more frequently a few years ago and I was overpaying.

I was also on a fixed deal and in the end I cancelled the direct debit and switched to a standing order each month as I was fed up with them sending me letters every month saying my payment had gone down each time the rate dropped or I made an overpayment resulting in me having to manually adjust the payment each month.