Hi,
Maybe Im reading this wrong but halifax seem to be trying to pull a major fast one when they changed everyones mortgages over recently.
I have 2 mortgages with them one should run out in 9 years the other in about 14 years however they have taken the 2 mortgages and evened them both out so Im paying 11 on both ( without my consent AFAIK )
Also they have used the overpayments that I have paid off in the last 2 years ( about 4k ) and instead of leaving the mortgage to repay early as planed they have reduced my mortgage payments by £15. I didnt agree to this!
Then upon looking at their new TnCs...
Regular overpayments
What are they?
Regular overpayments are amounts you pay that are extra to your monthly mortgage payments. They reduce the amount you owe on your mortgage. They also reduce the amount of interest we charge because we calculate interest on the reduced balance from the day we receive the overpayment.
If you have a repayment mortgage, overpayments will not reduce your mortgage term. This is because whenever we re-calculate your monthly payment, for example at an interest rate change, we set your new monthly payment so that it repays your loan over the term we originally agreed with you.
Nice new clause eh? means your screwed with them and you aint getting out of your mortgage sooner. Again I didnt agree to this?! Also it means that the money I used as overpayments ( which I could use to fund 'underpayments' if thing got tight ) just dissapeared! Surely this is taking the p**s and they cant just do this?
Any thoughts/help?
Cheers.
CR
Maybe Im reading this wrong but halifax seem to be trying to pull a major fast one when they changed everyones mortgages over recently.
I have 2 mortgages with them one should run out in 9 years the other in about 14 years however they have taken the 2 mortgages and evened them both out so Im paying 11 on both ( without my consent AFAIK )
Also they have used the overpayments that I have paid off in the last 2 years ( about 4k ) and instead of leaving the mortgage to repay early as planed they have reduced my mortgage payments by £15. I didnt agree to this!
Then upon looking at their new TnCs...
Regular overpayments
What are they?
Regular overpayments are amounts you pay that are extra to your monthly mortgage payments. They reduce the amount you owe on your mortgage. They also reduce the amount of interest we charge because we calculate interest on the reduced balance from the day we receive the overpayment.
If you have a repayment mortgage, overpayments will not reduce your mortgage term. This is because whenever we re-calculate your monthly payment, for example at an interest rate change, we set your new monthly payment so that it repays your loan over the term we originally agreed with you.
Nice new clause eh? means your screwed with them and you aint getting out of your mortgage sooner. Again I didnt agree to this?! Also it means that the money I used as overpayments ( which I could use to fund 'underpayments' if thing got tight ) just dissapeared! Surely this is taking the p**s and they cant just do this?
Any thoughts/help?
Cheers.
CR