mortgage holiday help!!!!

peatles_2

Last April I reviewed my mortgage and went to halifax as they offered me a holiday which was great as I was pregnant and knew we may want to take this when I got to naff pay! So today I ring halifax to ask for this to be told I can't until I have paid a year. I had been told by the mortgage man in branch that I could take 6 months if I paid 6 months, that was the reason we took the product. I complained and the man lodged it with complaints. He then rang back to offer me £75 for the inconvenience but there is no way they will honour our mortgage holiday til June and then it is only 2 months! I am so angry I was told wrong.
I accepted the £75 goodwill but now I can't help but wonder if I have done the right thing.......

Thrugelmir

Much has changed in the past year. Lenders can change their terms within 24 hours. Anything said verbally is only valid at that point in time.

kingstreet

This is what is printed on a Halifax key facts illustration;-

Payment holidays

You may make a request to suspend payment of all or part of your monthly payment for one or more months (take a payment holiday), provided that you meet the policy criteria in force at the time of your request. Details of the current policy criteria can be found in the booklet 'Information about your mortgage' which is issued with mortgage offers but you should ask for details of the latest criteria when you make your request.

The current Information About Your Mortgage Guide is here and it reads, as follows on page 16;-

http://www.halifax-intermediaries.co.uk/pdf/mortgage/all-about-our-mortgages.pdf

What is the payment holiday policy?

Our payment holiday policy changes from time to time, so it’s always worth checking our current policy rules. At the time of writing (July 2012) the policy rules were as follows:

• The amount you owe must not exceed 75% of our latest valuation of your property.

• The mortgage must have been in place for at least twelve months.

• The account must not be in arrears.

• The total number of payment holidays allowed throughout the term of the mortgage is six monthly payments, and you can take only two of those months at any one time.

• You cannot apply for additional payment holidays within three years of taking your last payment holiday.

• Payment holidays are not available on buy-to-let mortgages, shared ownership mortgages or on properties that have been subsequently let.

• You cannot apply for additional borrowing during a payment holiday.

peatles_2

yes I found that too, angry I was verbally mis sold the product

Thrugelmir

peatles wrote: »

angry I was verbally mis sold the product

At the time you asked the question you received the correct answer.

Relying on a payment holiday was your personal decision.

John424

Halifax have tightened that considerably, miserable beggars.