Annual Review

totallybroke01

Hi,
I have a mortgage with Halifax which I am struggling to pay since my partner and I split. I have written to them on a number of occassions about coming out of the fixed rate (6.09% since 2008) which ends in April 2013 but unless I pay the PRC upfront (over £1000) they refuse. I NEED TO FIND OUT IF THE HALIFAX OFFERED ANNUAL REVIEW INTEREST RATE TO NEW BORROWERS IN APRIL 2008. I wanted a capped rate which they didn't have as I had heard interest rates were on the decrease, but my partner wanted stability of payment. Sure enough the bank of England dropped the base rate to .5% a few months later - but I have continued to pay over the odds. Halifax advised we take the fixed rate to match our stability of payment requirement, but if I can find out that annual review was still an option then I can take this further as that would have offered us the stability we needed throughout the year even on a variable rate/tracker mortgage. I am a former mortgage advisor so I feel I have the knowledge I need - just not the information,
Thanks!!!!

Jimbo1976

I don't remember Halifax ever offering an "Annual review interest rate". In April 2008, you could have had a fixed rate or a tracker rate. Since your partner wanted the security of a fixed rate, that's what Halifax recommended to you. Sadly no one could have forseen that interest rates would fall so quickly.