Early Repayment Charge - Arrghhh

gowen

Just want to let all my frustrations out!

My current lender Halifax wouldn't even consider us for a higher mortgage to allow us to move home...computer says no (not even a DIP!) even though we've never made a late payment on any of our accounts and can clearly afford a higher mortgage. Hence why we have now had an offer (in under 3 weeks) from an alternative lender.

Now Halifax are going to charge me over £2k as an early repayment charge on my existing mortgage account. If they would have leant me more I would have stayed with them!!! and now they are charging me for leaving them...it really is sickening!

I have complained formally but I doubt they will act morally...why should they hey!?

...now considering moving all of my account with them to another bank...makes me sick.

Rant over...thanks. :money:

amnblog

Them's the rules.


How long till the ERP period expires?

gowen

not until 2017! them rules suck!

Mr_Goodkat

Have the Halifax told you why the computer is saying no?


Just having no late payments and having the opinion (even shared by another lender) that you can afford the higher mortgage is not reason for the Halifax to agree.


Unfortunately when you signed up for the mortgage you agreed to the early repayment charge.

betmunch

Halifax have acted entirely correctly.


If you didn't want to pay the ERC then you should have either got a product without one, or waited for it to expire.


Just because another lender would lend you enough doesn't mean that Halifax have an obligation to do so.

kingstreet

What was the issue and which lender is lending more than Halifax?

Foxy-Stoat_3

When did you last fix your rate with Halifax then?

dunstonh

computer says no (not even a DIP!)

Where computer says no, an adviser will know whether the case is good enough for an underwriter to overrule. So, in reality, very few reject decisions on the sole basis of a computer saying it.

even though we've never made a late payment on any of our accounts and can clearly afford a higher mortgage.

What makes you think you can afford it when halifax clearly think you cannot? Are you using more realistic long term rates in your calculations?

Now Halifax are going to charge me over £2k as an early repayment charge on my existing mortgage account. If they would have leant me more I would have stayed with them!!! and now they are charging me for leaving them...it really is sickening!

Halifax are not attempting to break your contract. you are.

I have complained formally but I doubt they will act morally...why should they hey!?

Or conversely, it is you that is attempting to break the contract and get other borrowers to pay for that.

You cant have your cake and eat it.

amnblog

Tin Hat Time

Thrugelmir

gowen wrote: »

I have complained formally but I doubt they will act morally...why should they hey!?

Wouldn't waste your time. There's no rights to a mortgage and it's you that's breaking the contract. So you have to suffer the consequences. Morals have nothing to with your position.

dimbo61

If you move all your accounts including your current account you can get up to £125 from Halifax ! But as you are already with them you miss out.
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