Repayment of Interest only - Outstanding Balance or Repayment Figure

JackDunstan

thank you all and I will dig up all past docs. no simple answer and this proved a useful tool. thank you

JackDunstan

thank you all, been usefull and will dig up past docs.

Thrugelmir

Did you get a goodwill payment credited to your account?

A little background for you.

Halifax is set to pay mortgage borrowers a total of £500m in compensation after it failed to inform 600,000 customers that it was increasing the cap on its standard variable rate (SVR) – the rate for borrowers who are not on a special offer. It expects to make payments to around 300,000 of these people.
The following Q&A explains which borrowers will benefit and what they have to do.
1. Does this affect me?
If you took your Halifax mortgage out following receipt of an offer between September 20 2004 and September 16 2007, you will have received a mortgage offer that had a summary of the cap on the SVR.
If you remained had the same mortgage on January 1 2009, you are affected and will be sent a letter during April. The content of that letter will depend on your individual circumstances.
2. Will I get a goodwill payment and how much will it be?
Halifax said it could not yet confirm how individual customers would be affected. It said customers did not need to take any action at this point. If you are affected, the letter will explain whether or not a payment will be credited to your mortgage, and what the value of that payment will be.
The money individuals will receive will be based on the difference between repayments if the SVR had been 2 percentage points above Bank Rate and the 3 points above Bank Rate that it was charged at.
3. How will Halifax decide who gets a goodwill payment?
Payment will be made to customers who received a Halifax mortgage offer between September 20 2004 and September 16 2007, and have been paying the SVR at any point since January 1 2009.

JackDunstan

yes that is what the halifax lady called it but she knew nothing about it. I assumed a computer glitch.

Dont know if this is good news or not as banks are not in the habit of paying money out without knowing some really went wrong but your article will help me research.