Halifax SVR Mortgage Advice

DeeDee70

.ExternalClass .ecxhmmessage P {padding:0px;}.ExternalClass body.ecxhmmessage {font-size:12pt;font-family:Calibri;}I have a mortgage with the Halifax and prior to 2009 the mortgage was on a fixed rate of 6.5%. In 2009 I decided to switch my mortgage to a SVR and paid the £1000 penalty that it incurred. The SVR at that time was 3.5% and I received a letter confirming the product change until the lifetime of the mortgage which was then 6 years and 9 months. In 2010, I arranged additional borrowing on my property the rate offered was a tracker at 4.99%. Up until this year, the annual statement received from the Halifax only stated the amount previous amount owed, deductions made that year and current balance outstanding. This year however, they have changed their statements and have each borrowing broken down in to sub accounts. I notice for the first time that my original mortgage has a tracker rate of 4.99% and the additional borrowing has the SVR rate of 3.9%. When I have queried this with the Halifax they have completely fobbed me off. I have explained that I have letter confirming the SVR on the original loan and that they need to be switched as I am paying too much interest on the original loan. Suffice to say, they will not budge and I am now having to go through the process of making a complaint, which I did back in February. The only feedback I have received since then is a letter saying they are delayed and that they will contact me hopefully in the next four weeks. I want to switch the original mortgage to a 2.% fixed with the Halifax, however they have advised I can't do this unless I drop the complaint. Can anyone give me advice, please!

gazter

DeeDee70 wrote: »

.ExternalClass .ecxhmmessage P {padding:0px;}.ExternalClass body.ecxhmmessage {font-size:12pt;font-family:Calibri;}I have a mortgage with the Halifax and prior to 2009 the mortgage was on a fixed rate of 6.5%. In 2009 I decided to switch my mortgage to a SVR and paid the £1000 penalty that it incurred. The SVR at that time was 3.5% and I received a letter confirming the product change until the lifetime of the mortgage which was then 6 years and 9 months. In 2010, I arranged additional borrowing on my property the rate offered was a tracker at 4.99%. Up until this year, the annual statement received from the Halifax only stated the amount previous amount owed, deductions made that year and current balance outstanding. This year however, they have changed their statements and have each borrowing broken down in to sub accounts. I notice for the first time that my original mortgage has a tracker rate of 4.99% and the additional borrowing has the SVR rate of 3.9%. When I have queried this with the Halifax they have completely fobbed me off. I have explained that I have letter confirming the SVR on the original loan and that they need to be switched as I am paying too much interest on the original loan. Suffice to say, they will not budge and I am now having to go through the process of making a complaint, which I did back in February. The only feedback I have received since then is a letter saying they are delayed and that they will contact me hopefully in the next four weeks. I want to switch the original mortgage to a 2.% fixed with the Halifax, however they have advised I can't do this unless I drop the complaint. Can anyone give me advice, please!

Do you have in writing that theyll only offer the rate of you drop the complaint?

Have you done a calculation of how much they have overcharged you?

DeeDee70

No I have not had it in writing. I did visit the local branch Mortgage Advisor and he stated that we would need to allow the Halifax to rectify the sub accounts first. When I rang up the Halifax a month later to chase up the problem they equally advised that I would need to accept the current rate if I wanted to change to the 2 year fixed. The overpayment is tricky because I am not sure whether they applied the tracker rate to the original mortgage in 2010, when I initially undertook the additional borrowing or whether it was more recent. The nature of their statements previous to 2013 were ambigious to say the least. I just feel frustrated that paid so much to switch to an SVR and that they are not acknowledging the error.

Thrugelmir

The SVR at that time was 3.5% and I received a letter confirming the product change until the lifetime of the mortgage which was then 6 years and 9 months.

SVR's are by their nature variable not fixed.