Halifax Mortgage Sub-Accounts increased recently?

SoloSailor

Hi All.

Just thought I would put a word of warning out.

I received a letter yesterday detailing all the details about the "changes in the way they manage the mortgage".

Anyway I used to have two sub accounts forming the mortgage:-
No1 being £245 for the mortgage account fee.
No2 being the main outstanding mortgage ammount.

Since all the changes, I know have 3 sub-accounts:-
No1 being £245 for the mortgage account fee.
No2 being the main outstanding mortgage ammount.
No3 a mysterious £228.07, has all of a suddern appeared.

I have quiered this with Halifax and they will get back to me in 10days....

Hope this helps/warns others out there to check theres!

Regs
SoloSailor

jonny2510

Hmm, I seem to have had a similar letter.

Though my sub accounts are
1) 245.32 @ current fixed rate
2) Main mortgage amount @ current fixed rate
98) 245 @ 0% - the arrangement fee.

I'm, sure there's a simple explanation, though. If anyone discovers it before me, please let us know

rothchick

Hi

Did you have any product fees or valuation fees added to the mortgage right at the start or if you've arranged a new product or had a charge added for a missed payment or any other admin that would involve a fee.


If so these would normally form their own sub account (different to the account fee as that one is interest free and has its own dedicated sub account)

Simon_gloster

Sub 98 is the MAF fee as per your offer you signed, the other two sound like the debt, sub 2. Plus the fee account, sub 1.

Simon_gloster

rothchick wrote: »

Hi

Did you have any product fees or valuation fees added to the mortgage right at the start or if you've arranged a new product or had a charge added for a missed payment or any other admin that would involve a fee.


If so these would normally form their own sub account (different to the account fee as that one is interest free and has its own dedicated sub account)

Val fees cannot be added whether a remortgage or purchase.

jonny2510

Simon_gloster wrote: »

Plus the fee account, sub 1.

What do you mean by fee account?

rothchick

jonny2510 wrote: »

What do you mean by fee account?

there used to be a section on your mortgage that covered fees/charges/insurance etc. This now how its own sub account different to the account fee as that is interest free and other fees/charges are not.

HTH?

Simon_gloster

Now that Halifax have adopted Lloyds systems back office, sub account 99 is for any product fees, charges added to the account and charged at sub 01 rate.

Suarez

My sub account 1 is £1268.20 since this new mortgage split. The mortgage fee was £999. How can this be £269.20 higher? My sub account 98 is £245 interest free and the mortgage was taken out 6 months ago so this hasn't reduced.

Goldiegirl

Suarez wrote: »

My sub account 1 is £1268.20 since this new mortgage split. The mortgage fee was £999. How can this be £269.20 higher? My sub account 98 is £245 interest free and the mortgage was taken out 6 months ago so this hasn't reduced.

Did you pay the £999 back into the mortgage upon completion? If not there will be interest charged on the £999. Also have there been other fees debited to the mortgage? This would also increase the debt of this sub account.

If you are not sure why the debt has risen, ask them for clarification.

Suarez

We added the £999 to the mortgage and the rate on that is 6.29%. I though the interest is calculated daily so surely the balance shouldn't be £269 higher due to interest? I've phoned Halifax and they will get back to me within 10 days.