Halifax Mortgage Review

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Halifax Mortgage
0.9 stars
Average rating for this product is: 0.9 out of 5

From 1 rating and 25 reviews

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Guest's Review of Halifax Mortgage

17th Apr 2008

Overall Rating

0 stars
  • Value for money
    1 stars
  • Repayment Method
    Repayment
  • Product
    Tracker
Good Points

none


Bad Points

increases charges on repayment administration fee over time, a charge that the fsa has said should only reflect the original fee.
long term loyal customers treated badly.
sharp underhand practice


General Comments

My mortgage is now only about £20000 with this bank and up until now they have freely extended my tracker mortgage each year for about 4 years without needing to get tied in again or charged any fee. Last summer they moved the goal posts and suddenly demanded that I would have to pay a fee to stay on a tracker mortgage, and be tied into them again for a long time, meaning that I would have to pay an early repayment fee to pay it off. This was supposedly because I only owed £20000 and they could not therefore offer me better terms (however I believe it has much more to do with the credit crunch).
Also when I took out the mortgage I was told that it initially had a tie in of 5 years, it was only after, that I discovered it was actually a tie in of 8 years(the 5 year only started after the initial 3 year fixed deal I took)

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NameProduct TypeDiscount LengthSubsequent RateOverall Cost  
WoolwichStep Lifetime Trackeruntil 30.04.2011(Base+ 2.49%) currently 2.99%3.00% APR
AbbeyTracker2 year4.24%4.10% APR
WoolwichOffset TrackerTerm(Base+ 2.47%) currently 2.97%3.10% APR