Mortgage offer not explained

shoshoshwan

i have recently received a letter from Halifax bank regarding my mortgage account that was paid back in March 2010. the letter stats that ""because their mortgage offer may not have explained certain details as clearly as it could have, they are apologising and have enclosed a cheque in sum of £105.""

the letter goes on to say that ""these details relate to a cap that limited interest rate rise where the rate i paid was based on the banks standard variable rate. the cap only applied in certain circumstances and did not relate to my mortgage.""

furthermore, ""the goodwill payment relates to the balance of my mortgage charged at the halifax svr from 1 Jan 2009 up to date when i closed the mortgage. if you accepted a new offer (which did not include the cap) after 1 January 2009 and before closing account, it is instead up to the date of your new offer.""

can any one explain what has happened here?
should i accept this offer?
what if i did not settled my mortgage account so soon and i was still paying the minimum payment and what if i had chosen another product had this was explained to me at the time.
should i be asking for more?

I don’t trust the bank, so just want to make sure i am paid what is right.

thanks
:mad:

kingstreet

They have calculated the detriment they believe you suffered from the start date given, until you redeemed the mortgage in question.

If you want clarification beyond that, I can only suggest contacting the lender directly.

maninthestreet

If you are worried, just send me the cheque - please endorse it on the backl first.

marathonic

I'm not sure of the specifics here but I'd be 99% sure that the figure is right.

I work for an insurance companies IT department and anytime we send a refund check due to a glitch in our system, we make damn sure we get our figures correct. The last thing we want is to have to send an apology related to the apology