Menu
05/03/2002
Halifax withdraws £7m for customer payouts
The Halifax is to pay out more than £7 million to 10,000 of its borrowers.
The mortgage lender made the decision after a ruling by the Financial Ombudsman found that it was wrong to keep some types of mortgage holders on higher rates while offering cut-price loans to new customers. The payout means affected customers will receive £500 on average each.
The payouts came to light after the Ombudsman issued briefing notes on January's decision to reject Halifax's appeal. This followed a price war sparked by Halifax last year between the mortgage banks by offering cut-price loans to new borrowers but keeping existing customers on mortgages that were linked to a higher standard variable rate.
One couple eventually queried their capped rate mortgage and complained to the Ombudsman that their base rate was higher than other customers'. Halifax has now been ordered to compensate the couple.
It also ruled that customers would be refunded the amount they would have saved from the date they asked to be transferred to the lower rate to the end of March 2002.
However, the 20,000 customers who did not ask to be transferred until after February 1 are not entitled to refunds, although Halifax is giving them a goodwill payment of £100 each.
(MB)
The mortgage lender made the decision after a ruling by the Financial Ombudsman found that it was wrong to keep some types of mortgage holders on higher rates while offering cut-price loans to new customers. The payout means affected customers will receive £500 on average each.
The payouts came to light after the Ombudsman issued briefing notes on January's decision to reject Halifax's appeal. This followed a price war sparked by Halifax last year between the mortgage banks by offering cut-price loans to new borrowers but keeping existing customers on mortgages that were linked to a higher standard variable rate.
One couple eventually queried their capped rate mortgage and complained to the Ombudsman that their base rate was higher than other customers'. Halifax has now been ordered to compensate the couple.
It also ruled that customers would be refunded the amount they would have saved from the date they asked to be transferred to the lower rate to the end of March 2002.
However, the 20,000 customers who did not ask to be transferred until after February 1 are not entitled to refunds, although Halifax is giving them a goodwill payment of £100 each.
(MB)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
17 July 2001
UK INFLATION REMAINS AT TWO YEAR HIGH
UK inflation has remained at a two-year high, official figures have revealed. The Office for National Statistics (ONS) revealed prices were 2.4 per cent higher in June than the same month a year before.
UK INFLATION REMAINS AT TWO YEAR HIGH
UK inflation has remained at a two-year high, official figures have revealed. The Office for National Statistics (ONS) revealed prices were 2.4 per cent higher in June than the same month a year before.
19 March 2002
Fall in inflation suggests frozen interest rates
New figures showing a fall in UK inflation have led to increased speculation that interest rates are unlikely to rise in the near future. The annual rate of inflation – excluding mortgage repayments – decreased to 2.2 per cent during February, a fall of 0.4 per cent on the figure for January. Inflation including mortgage repayments fell to 1.
Fall in inflation suggests frozen interest rates
New figures showing a fall in UK inflation have led to increased speculation that interest rates are unlikely to rise in the near future. The annual rate of inflation – excluding mortgage repayments – decreased to 2.2 per cent during February, a fall of 0.4 per cent on the figure for January. Inflation including mortgage repayments fell to 1.
31 July 2001
Halifax and Bank of Scotland merger costs total £21 million
The Halifax's merger with Bank of Scotland has cost £21 million, the mortgage bank has revealed. The merger which took effect on Tuesday July 31st will see the Halifax, the UK’s biggest mortgage lender diversify into small business and corporate banking, while Bank of Scotland will gain retail deposits and branches.
Halifax and Bank of Scotland merger costs total £21 million
The Halifax's merger with Bank of Scotland has cost £21 million, the mortgage bank has revealed. The merger which took effect on Tuesday July 31st will see the Halifax, the UK’s biggest mortgage lender diversify into small business and corporate banking, while Bank of Scotland will gain retail deposits and branches.
02 November 2009
Halifax Customers Defy Overdraft Costs
There's rebellion in the air as banking customers have expressed anger at Halifax's plans to effectively increase their overdraft charges six-times over. Halifax bank, which the government part owns, will shortly vastly increase charges for overdrafts.
Halifax Customers Defy Overdraft Costs
There's rebellion in the air as banking customers have expressed anger at Halifax's plans to effectively increase their overdraft charges six-times over. Halifax bank, which the government part owns, will shortly vastly increase charges for overdrafts.
18 November 2010
No 'Debt Forgiveness' On Mortgage Arrears
A leading mortgage group has said they will not be recommending a formal 'debt forgiveness' scheme for mortgage holders in serious arrears. The announcement comes after yesterday's figures from the Central Bank, which revealed one in 20 Irish mortgages have been in arrears for over 90 days.
No 'Debt Forgiveness' On Mortgage Arrears
A leading mortgage group has said they will not be recommending a formal 'debt forgiveness' scheme for mortgage holders in serious arrears. The announcement comes after yesterday's figures from the Central Bank, which revealed one in 20 Irish mortgages have been in arrears for over 90 days.
-
Northern Ireland WeatherThis Evening and Tonight:Dry with clear skies this evening. Patchy cloud will increase at times overnight, but some clear spells too. Light winds and some patchy shallow mist or fog towards dawn. Minimum temperature 2 °C.
