MSE News: Halifax to repay Ј500m to 300,000 mortgage holders

A question about : MSE News: Halifax to repay Ј500m to 300,000 mortgage holders

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 ...

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Halifax to repay Ј500m to 300,000 mortgage holders

Best answers:

• https://www.mortgagestrategy.co.uk/di...026466.article
  Bit more detail
  Quote:
• Looks like I may get some compensation or something then?
  Not sure what for, mind. But the affected mortgages apply to myself.
• Lloyds statement to stockmarket https://www.londonstockexchange.com/e...entId=10793385
• https://www.halifax.co.uk/mortgages/h...-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.
• Thanks for that link opinions4u
  Quote:
• 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 me
• 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:-)
• 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?
• Shame it is going back onto the mortgage account, I was looking forward to the windfall.
  I took my mortgage out just before the 16 Sept 2007 cut off point and then reverted to the SVR in Sept 2009. My mortgage was for Ј100,000 (as near as dammit) and I calculated a 1% differnce in payments as Ј53 a month. I suspect I am inline for Ј1,007 coming off my outstanding balance of Ј93,000.
  What affect will this also have on future payments. I will now have less money to pay over the remaining term. I presume the monthly payment will adjust slightly to reflect this.
• Isn't this only for people who sorted out their mortgages through the Bank of Scotland?
• at last some financial justice.... shame its not going in the pocket...
• Oops agree Beecher. Will edit.
• Does anyone know if you have a Halifax tracker taken out in July 2004 that reverted to SVR in July 2006, is this covered and compensation owed?
• https://uk.finance.yahoo.com/news/Hal...41733.html?x=0
  implies they think some people where told that SVR calculation was changing , others not told.