Halifax mortgage gone up 4p for no good reason

chickenfeed

I've received a letter from halifax dated March 2013 detailing changes to a 'different mortgage system'.

It does mention that the mortgage may be made up of 'sub-accounts'.
The detailed statement does not show any 'sub accounts' just the one normal repayment mortgage.

However, the repayment amount each month, they have stated has gone up 4p! Yes it's a trivial amount, but it's the principle of the thing.

I called them 11-April-2013. They said they would call me with an answer. No such reply received, so I've chased it up today (18th).

The gentleman said they normally reply within 5 days, but I'm in a queue for up to 10 days.

He said he had a quick look and he said in his opinion, it's because over the years when Halifax go to take a payment, if it falls on a Sunday or Bank Holiday, then they have to take the payment the next day. As this will incur the slight bit of extra interest. Hence the 4p increase. He did state it's not my fault the payments are late. I said it's surely the halifax's fault not to work out the monthly payments correctly when you take out the mortgage?

I then said, this increase is surely going to affect every halifax mortage account holder. But he couldn't respond to that.

Anyone else got a similar story. It it just another case of the banks making a mistake and then billing their customers for it?

ChickenFeed

~Beanie~

My fixed rate mortgage has gone down since the changes, by the grand sum of 1p!!

MrRL

I heard similar story from another bank. Basically, it is an automatic account adjust to factor in any events such as the Halifax colleague explained, or any larger changes, such as unpaid fees, etc. Ensures repayment mortgages are repaid as expected at term end. I believe the changes were FSA enforced/encouraged.
I must state this is only what I have heard, maybe others could confirm

ACG

If your on a 2 year fix its cost you less than £1. If you remain with them for 25 years say, its less than £12.50. If you have spent an hour on this and paid for the phone call then its cost you more in time.

If your mortgage payments had gone down by 4p, what would your principles be saying then? Principles are something you believe in whether or not its in your favour.

chickenfeed

Luckily it was 0800 068 9564 for Halifax.

opinions4u

it's the principle of the thing

Well, pay 4p a month now, or find a strange sum of a few quid outstanding at the end.

Either way you're going to have to pay it. If they hadn't changed their systems some odd few quid at the end of the term would have got you. Now it won't.

It the principal of the thing.

For the record, my payment dropped by 8p.

james3333

mine dropped by £9.97...still dont know why, neither do they... to me by paying £9.97 per month i will have a shortfall at the end of the term, they say not!

Suarez

james3333 wrote: »

mine dropped by £9.97...still dont know why, neither do they... to me by paying £9.97 per month i will have a shortfall at the end of the term, they say not!

Have you made any over payments? If so, the new figure would have been recalculated to take op into account.

mrtoys

How can they just put it up!!??? That surely was not the agreement in the first place

Goldiegirl

My suggestion to the OP.

Get yourself an interesting new hobby. You clearly have too much time on your hands if you can spend all that time and effort about 4p

james3333

Suarez wrote: »

Have you made any over payments? If so, the new figure would have been recalculated to take op into account.

Yes, lots randomly over the past few years.....
but surely this should not affect the fixed amount i pay each month.... i want the over payments to reduce the term and interest i pay back.... am i missing something>?