Halifax Mortgage Sub-Accounts increased recently?

Suarez

Do any of you have the amount in sub account one? See Jonnys explanation.

When I further queried it, I was passed to a supervisor, and was told that when moving to the new system they couldn't move the old Mortgage Account Fee to the new system as it was, so they took £245 off the outstanding mortgage debt, to create sub account 98, then started charging interest to £245 in sub account 1

Andrea75

Turnipfarmer wrote: »

Hey Andrea, thanks for getting back to me. Have you had any response from Halifax yet? We too are waiting for a letter from them explaining what it is.

Hi T, I'm still awaiting a written response. I'll give it until mid week next week and ring them. I imagine they're inundated with similar queries since the new mortgage system's come into place and this is the reason for the delay. Wil keep u posted.

Turnipfarmer

Andrea have you had any luck? I have had no response from Halifax and getting quite fed-up with it. Just on the phone to them again now.

Turnipfarmer

I have finally got an answer from them, its a little complex but hopefully this will make sense.

There was an error in the migration from the old system to the new. In our case the £245 mortgage account fee at 0% is shown in sub account 98 and also sub account 1. This shouldn't be showing in sub account 1 but to compensate for the £245 being charged twice, Halifax have deducted the £245 showing in sub account 1 from sub account 2 (the mortgage total to pay).

Halifax are not telling customers about this or writing to explain, instead they are telling people as/if they call. They cannot rectify this and the mortgage account fee will also show in sub account 98 and sub account 1.

Hope this is clear to everyone as Halifax sadly didn't make it clear to us.

towns

Hello,

Thank You for your explanation, that was more than Halifax could tell me!

I still can't quite get my head around it though, surely the fact that we are now paying interest on this means we will ultimately end up paying more? They're saying they couldn't move the old £249 across but why are we still paying this on top of the new sub account 01. Surely that should have been reset to £0 then?

Something doesn't smell right here! Anyone else? The telephone staff don't have a clue, either that or they're being intentionally vague on it?

Thanks!

justintime19_2

I am just having the same argument with Halifax at the moment. Since the changeover, my sub account 01 (mortgage fee of 999.00) is now 1244.00 and is attracting interest. How this can increase considering I have been paying the mortgage for 18 months is beyond me. My mortgage is in sub account 02 and appears to be ok BUT I have a further sub account 98 which has 245.00 in it. Now in my book I have been charged the 245 fee twice.

Halifax have been unable to furnish me with a complete breakdown of how my payments have been allocated since inception and already this is a high level complaint with Customer services.

My concern is - what has happened to the payments made over the last 18 months that should have offset some of these fees? Talk about shoddy accounting.

I think they have a serious problem here. I will update when I hear back from them.

mcslimjim

My sub account 01 is over £3,500 @ 4.49% I have been paying my mortgage for over 8yrs and have never been informed of this.
Phoned Halifax and nobody can give me an explanation!!
Is anyone else any wiser on this issue???

justintime19_2

I have received a breakdown of my mortgage from inception - very interesting reading. I still have to confirm some figures with them verbally but it would appear I am being charged interest on the 245 admin fee (should be 0%) and have been charged twice for it as it now appears in a new account at 0% and also in the fees account at 3.39%.

Their customer services is next to useless as all they are are note takers and have no expertise in dealing with queries. I am awaiting a call back from a "product expert". I await with interest.

KS25

Hi
This may or may not be related to migration, but I've just been looking at the online statement for my mortgage account - and the monthly interest being debited is in the region of £40 a month more than it was pre-migration to the Lloyds system....so far have therefore paid £120 more in interest than I would have done before.
My rate hasn't changed and I've had this mortgage deal for almost 5 years.
Wish I'd spotted this yesterday as noone in mortgages today.
Wondered if anyone else has got the same problem and if so what response you'd had when you queried it.

justintime19_2

Well - an update (of sorts). Halifax have still to find a "product expert" that can explain what is going on with my account. I have now spoken to 6 different people in mortgages and not one of them can explain the anomalies. When I ask to speak to a senior person I am told they are all in meetings. Shoddy service if you ask me.