mortgage balance going up?! - Halifax

londoniana

The balance displayed online in my account went up by roughly £700 from last month. How is that possible? It's a 2-yr fixed rate and I'm in the middle of the 2-yr period.

opinions4u

Have you made any payments between looking at the balances on different dates?

Mortgages tend to charge interest.

Moneytree_3

I am with Halifax (for my sins) - They now show the interest that is added each month to your account, so maybe it is that??

Some strange stuff going on with their new system, I paid off a lump sum and it added it on to my mortgage before deducting it - Seemed a bit odd but then I am not someone who works in finance, maybe thats normal...

londoniana

I made my regular monthly payment on the 1st by direct debit. It would make sense to see a lower balance after a payment was made, no?

londoniana

Moneytree wrote: »

I am with Halifax (for my sins) - They now show the interest that is added each month to your account, so maybe it is that??

Some strange stuff going on with their new system, I paid off a lump sum and it added it on to my mortgage before deducting it - Seemed a bit odd but then I am not someone who works in finance, maybe thats normal...

I don't think I'm on the new system though. I went to a branch last week and I was told I was amongst 1% of their customers who are not on the new system... yet.

I don't understand the comment re the interest that's added... I'm clueless I guess, but my common sense tells me I should see a decrease in that balance every month. I don't see any details just the overall balance and amortization period and the date when I make payments.

Moneytree_3

with the old system you should just see the figure going down... with the new system you can see how much of the amount you pay each month is interest and how much is going off of the capital, so ignore my last comment, yeah it should always be going down if you are making regular payments, not in arrears etc

I am in process of switching as do not trust halifax with my mortgage any longer

londoniana

Ok so it is awkward then. I'll wait for a couple of days and give them a call. I don't mind Halifax at all, it's just their online system seems rather basic. I don't have a current account with them, only a credit card and the mortgage.

jimmeee

I can also see my balance has gone up on Halifax online bankin webiste.

The balance went up by the interest that was calculated for April. It doesn't show today's direct debit yet. I suspect if I log-in tomorrow I will see today's direct debit that has gone through which will then bring the balance back down.

nwc389

My mortgage balance has increased too , it increased when I made my monthly payment last week so now the balance that I received on the statement that arrived in march differs from the starting balance on the online statement .There is also a small payment to the mortgage missing !!
They already messed up by not sending me new payment details for my standing order and the service I received regarding that was appalling . I have complained and apparently they have closed the complaint as they were unable to contact me . That seems to be their answer to chuck some money at me to shut me up but not to check to make sure my mortgage was ok - even though I did complain about a payment not showing as part of the complaint.

nwc389

Can I just ask the original poster is your monthly payment roughly £700 - my imbalance is about £580 and I had made a £600 payment

londoniana

The £700 for me would correspond (sadly) to the interest. It's a 25-yr period and I signed it last year.

@jimmeee: you are right, it was only temporary - the direct debit wasn't reflected yet. It's now lower than last month.