MSE News: Halifax to repay £500m to 300,000 mortgage holders
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Former_MSE_Guy
Posts: 1,650 Forumite
This is the discussion thread for the following MSE News Story:
"The bank will pay compensation to borrowers who were given "confusing" information about a cap in interest costs ..."
"The bank will pay compensation to borrowers who were given "confusing" information about a cap in interest costs ..."
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http://www.mortgagestrategy.co.uk/distribution/lloyds-sets-aside-%C2%A3500m-redress-for-300000-mortgage-customers/1026466.article
Bit more detailThe relevant mortgages were written during 2004 – 2007 by Bank of Scotland under the Halifax brand, and through the contact programme, goodwill payments will be made to affected customers.0 -
Looks like I may get some compensation or something then?
Not sure what for, mind. But the affected mortgages apply to myself.0 -
Lloyds statement to stockmarket http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=107933850
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http://www.halifax.co.uk/mortgages/help-and-advice/existing-customers/Halifax-Standard-Variable-Rate-announcement/
Relates to the October 2008 change to SVR from 2% above BofE to 3% above BofE which was very much a "survive the Credit Crunch" decision.
Perhaps Yorkshire/Clydesdale should also refund across the board for their calculation error.0 -
Thanks for that link opinions4uPayment will be made to customers that received a Halifax mortgage offer between 20th September 2004 and 16th September 2007, and have been paying SVR at any point since 1st January 2009.0
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opinions4u wrote: »http://www.halifax.co.uk/mortgages/help-and-advice/existing-customers/Halifax-Standard-Variable-Rate-announcement/
Relates to the October 2008 change to SVR from 2% above BofE to 3% above BofE which was very much a "survive the Credit Crunch" decision.
Perhaps Yorkshire/Clydesdale should also refund across the board for their calculation error.
So looks like they are going to give us the 1% back for each month?0 -
Graham_Devon wrote: »So looks like they are going to give us the 1% back for each month?
I would also assume that the SVR will remain at 3.5% (guess).
So by paying up in April they will cap any liability to longer term payments (guess).If you are affected, a letter will be sent to you during April. This letter will explain whether or not a payment will be credited to your mortgage, and what the value of that payment will be.If though, you have a question that is not answered then please call 0800 1412146The update seems to imply it is merely a 'goodwill payment' for not being so clear about it, as opposed to an actual refund? It's all a bit legal-speak for me
The solution sounds like a way of capping the cost, removing the risk of Halifax losing and also trying to get a bit of good PR out of a situation that would otherwise have dragged on for years.0 -
The update seems to imply it is merely a 'goodwill payment' for not being so clear about it, as opposed to an actual refund? It's all a bit legal-speak for me0
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Hi
Can anybody tell me does this effect me?? I took a 5 year fixed mortgage april 2006 and on my terms says it will revert to SVR 2% when terms ends april 2011? Does this mean i will be paying 3.5%??
angie:-)0 -
Does anyone know if this is likely to affect other banks and building societies? I had a similar deal with another bank where I am still stuck on a massive and practically usurious SVR (currently BoE base plus 4.49%). I guess it all depends on the wording on the whether there is a cap or not?0
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