Halifax demanding proof we can pay off mortgage AGAIN

HAMISH_MCTAVISH

witchy1066 wrote: »

the next letter will be a request to make an appointment to discuss his IO final payment problem

To which the response should be....

"Dear Lender,

Like the vast majority of I/O borrowers, I don't have a final payment problem.

I have already demonstrated this to you. I'll not be wasting my time doing so on a yearly basis.

I will see you at end of term with a cheque in hand.

Now stop harassing me.

Lots of Love.

Borrower."

we all know lenders will try anything to get folk off IO mortgages,

Indeed.

But they can't, unless you default.

So if you don't, you can freely tell them to jog on.

why make a simple request into a major issue , especially as he hasn't got a problem in the first place other then he doesn't like his mortgage lender sending him mail asking the same questions once a year,

Because lenders have no right to treat grown adults like children.

Goldiegirl wrote: »

The OP can provide the information or not, but what they won't be able to do is plead ignorance if the policy doesn't pay off the mortgage in a few years time. Halifax are trying their best to start a dialogue.

Exactly.

Halifax are covering their backside, offensively so in my opinion given the vast majority of borrowers are not idiots and will cope just fine, and nothing else.

This letter should go straight in the circular file.

HAMISH_MCTAVISH

Thrugelmir wrote: »

There is an issue however with the number of people with no proper plan to repay their interest only mortgages.

No there isn't.

The overwhelmingly vast majority will pay up, or successfully sell, leaving themselves a 6 figure sum better off than renting.

And as there are only tiny, tiny numbers, who won't have more than enough equity to cover the loans on average, there is no risk to those excessive bankster bonuses just yet.....;)

ValHaller

Thrugelmir wrote: »

To protect their backsides as you put it. It wouldn't require annual reminders. There is an issue however with the number of people with no proper plan to repay their interest only mortgages. All part of lenders acting more responsibly.

I quite agree there is an issue - an it quite distresses me to see the threads here from people who have let their Interest Only mortgage come to an end without having addressed the need to repay capital.

It is right for lenders to remind people and get an idea of the extent of the problem. But there is absolutely no point in nagging people who have provided satisfactory answers previously - other than to appear as nagging.

If OP's answer last year was unsatisfactory, it should have been followed up. It seems that as OP was not followed up last year, the answer was satisfactory. That being the case, the lender

• has no need to nag
• should acknowledge the previous answer as being OK
• should not seek the same information to be put together all over again
• should ask no more than whether there have been any changes.

The fact that they mindlessly ask exactly the same question again just indicates they are mindless morons.

leveller2911

HAMISH_MCTAVISH wrote: »

This letter should go straight in the circular file.

If they did that wouldn't that be a breach of the mortgage T&C which the OP wouldn't want...........A lot can happen in 12 months, especially with regards to investments set aside to pay off a mortgage......... If they didn't check every year Hamish I can see threads on here about "How its the lenders fault my investments won't pay off my mortgage, do I have a case for compensation?"

IMO you can't blame the lenders on this one.

HAMISH_MCTAVISH

ValHaller wrote: »

It seems that as OP was not followed up last year, the answer was satisfactory. That being the case, the lender

• has no need to nag
• should acknowledge the previous answer as being OK
• should not seek the same information to be put together all over again
• should ask no more than whether there have been any changes.

The fact that they mindlessly ask exactly the same question again just indicates they are mindless morons.

Quite right.

leveller2911 wrote: »

If they did that wouldn't that be a breach of the mortgage T&C which the OP wouldn't want...........

Almost certainly not.

They bought a mortgage.

They didn't sign up to a nanny service.

IMO you can't blame the lenders on this one.

For asking once?

Probably not.

For harassing people yearly once they've provided the required information?

Almost certainly so.

princessdon

You could have used your savings, sold another home, cashed in an endowment or any other reason. I don't get letters from my mortgage provider but if I did, I'd just send them off, if it bothers you, why not swap to repayment

Thrugelmir

ValHaller wrote: »

The fact that they mindlessly ask exactly the same question again just indicates they are mindless morons.

Get a job in finance and you'll understand the issue on a far broader level. Lenders work on a macro not micro view.

leveller2911

Almost certainly not.

They bought a mortgage.

They didn't sign up to a nanny service.

For asking once?

Probably not.

For harassing people yearly once they've provided the required
information?

Almost certainly so.

[/QUOTE]


Jeezuz Hamish, Is it that much of a job to provide the information and you can hardly call once a year harassment.I would class this as being diligant and nothing more.

If its a condition of the mortgage agreement then it would be an issue if they didn't comply. I'm sure someone who deals with the specifics of mortgages will be along to clarify......

ValHaller

Thrugelmir wrote: »

Get a job in finance and you'll understand the issue on a far broader level. Lenders work on a macro not micro view.

Well more fools them. Any interaction with an individual customer should take into account the micro view.

It just does not make sense to ask OP exactly the same question year on year if they have answered you previously. Unless the macro level means that you send the letters out and take no notice of the answer and you ask exactly the same question next year because it the macro view demands that you satisfy the regulators you have sent out the stupid letter and the micro view of whether the customer has his interest only repayment strategy sorted does not matter.

pootle1972

Thank you for all your input and i see everyones point of view but to those saying i could have sold/cashed in so they are just checking....what's to stop me doing that just before i need to pay up, in which case eight years of proving i had money was just a waste of the banks time. I have no problem with them making sure i have a plan in place and that it will cover the whole amount repayable my bug bear is why i need to keep repeating myself

I think the next step is to ask the Halifax where in my original mortgage papers does it state i will have to prove to the bank i can pay years before the term is up. If it does i will have to smile and jump through hoops when they whistle. if it doesn't then i think last years statements will be the first and last they will receive.

Again thank you all