Halifax rate switch nightmare

nosebag

@zenshi: so it's only a formality then? You don't seem to meet their criteria for a new mortgage, is that correct?Yet they offered you a new fix rate and they put you on their new system.

zenshi

nosebag wrote: »

@zenshi: so it's only a formality then? You don't seem to meet their criteria for a new mortgage, is that correct?Yet they offered you a new fix rate and they put you on their new system.

IMO, yes. I do have lots of equity in my house but I was asking for mortgage about 6 X my salary......

nosebag

Thrugelmir wrote: »

Lenders are merely covering their own backsides by doing so. So not absurd in the slightest. Tighter regulation has had some unintended consequences. There's no possibility that lenders will leave themselves to any form of mis-selling claims in the future.

Sure.

But the only thing that prevents me from switching on-line like all their other customers - through the so called non-advised route - is an old mortgage numbering system. To me, that's a technical glitch. I have a standard repayment mortgage, all payments met, not borrowing more, not changing term. I feel discriminated against, as it's not my fault that I don't have a 14-digit account number, it's Halifax's, or shall I say Lloyds'?

nosebag

PS. Thanks zenshi, you've made my evening. I know my case is different and anything can happen, but you put my mind to rest for a while :beer:

zenshi

Let us know what you decide or how you get on over the phone

AnotherJoe

Thrugelmir wrote: »

Lenders are merely covering their own backsides by doing so. So not absurd in the slightest. Tighter regulation has had some unintended consequences. There's no possibility that lenders will leave themselves to any form of mis-selling claims in the future.

But its not that because what checks they run depend on your account number. There's no reason other than "cant be *rs*d" because as the OP pointed out, they could first switch them into a new account structure and then do the "lite" version of a new mortgage.

Thrugelmir

nosebag wrote: »

Sure.

But the only thing that prevents me from switching on-line like all their other customers - through the so called non-advised route - is an old mortgage numbering system.

Who was the lender originally, i.e. which part of HBOS? After Lloyds bought HBOS in 2008. It took them 6 months to review HBOS's mortgage book. Some 35% was found to be outside Lloyds own risk lending criteria. In laymans terms, Lloyds would never have underwritten the mortgage business . Lenders are using the new regulation imposed by the MMR as an opportunity to review old lending from the past.

nosebag

I got the mortgage in May 2012 through Halifax direct, no broker. I was on a 2-yr fix until May 2014, then got another 2-yr fix that ends in July 2016. Why didn't they transfer me then to their new system? - as it was already in place. Never borrowed more, always met payments, even made some overpayments. 21 years remaining, I'm 40 so no retirement lending.

Goldiegirl

Thrugelmir wrote: »

Who was the lender originally, i.e. which part of HBOS? After Lloyds bought HBOS in 2008. It took them 6 months to review HBOS's mortgage book. Some 35% was found to be outside Lloyds own risk lending criteria. In laymans terms, Lloyds would never have underwritten the mortgage business . Lenders are using the new regulation imposed by the MMR as an opportunity to review old lending from the past.

If it's a roll number beginning with 'A', it was definitely a Halifax mortgage

nosebag wrote: »

I got the mortgage in May 2012 through Halifax direct, no broker. I was on a 2-yr fix until May 2014, then got another 2-yr fix that ends in July 2016. Why didn't they transfer me then to their new system? - as it was already in place. Never borrowed more, always met payments, even made some overpayments. 21 years remaining, I'm 40 so no retirement lending.

We don't know why your mortgage wasn't migrated to the new system. Have you asked Halifax why, and what did they say?

nosebag

Goldiegirl wrote: »

If it's a roll number beginning with 'A', it was definitely a Halifax mortgage

We don't know why your mortgage wasn't migrated to the new system. Have you asked Halifax why, and what did they say?

They said they didn't know why it wasn't picked up.

They said "some customers, not many" are still on the old system and they will only change them to the new system when a product change happens, or something along those lines.