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Halifax - Taken my over payment pot
Notesman
Posts: 3 Newbie
Hi, has anyone else had this??
I have a flexible mortgage with Halifax. I received a letter from them this week saying they have reduced my minimum mortgage payment by £40 per month due to a mandatory FCA regulation.
I am a contractor and am sometime not working. I over pay my mortgage each month, so that I have the flexibility to under pay, if I am out of work. Since 2012, I have under paid 4 months, but had built up an over payment pot of more than £20k.
This week, with the mortgage recalculation, they have reset my over payment pot to £0 !! This means I have lost all the flexibility within my mortgage.
If I had known this, I would have kept 6 months mortgage in my pocket so that I have the security of my mortgage being paid if I am out of work. All my money management / security blanket has been taken...
Any suggestions?
I have a flexible mortgage with Halifax. I received a letter from them this week saying they have reduced my minimum mortgage payment by £40 per month due to a mandatory FCA regulation.
I am a contractor and am sometime not working. I over pay my mortgage each month, so that I have the flexibility to under pay, if I am out of work. Since 2012, I have under paid 4 months, but had built up an over payment pot of more than £20k.
This week, with the mortgage recalculation, they have reset my over payment pot to £0 !! This means I have lost all the flexibility within my mortgage.
If I had known this, I would have kept 6 months mortgage in my pocket so that I have the security of my mortgage being paid if I am out of work. All my money management / security blanket has been taken...
Any suggestions?
0
Comments
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Ring them and discuss.0
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As Lee says, the only people that can work through this with you is Halifax.
If you are not happy with the outcome, ask them for their complaints procedure and make a complaint.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks for the replies. I have discussed this for more than 2 hours with three different teams, to no avail... Complaints procedure has commenced.0
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£40 reduction for a £20k overpayment reserve doesn't seem very high.0
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