So the Halifax is going to make payments up to £500m to 300,000 of its customers.
Here at Michael Usher Mortgage Services We ask, is this the new way that these banking corporations are going to operate. In a spirit of openness and fairness…We’ll see.
The reason why the Halifax, now part of the Lloyds group is being so generous is because they were found out and may have eventually had to given the money back any way.
Lloyds have said it was an agreement that was “voluntary” and “proactive”.
It was back in January 2009 when Halifax raised the margin on some of there mortgages from 2% to 3% above base rate. This caused an outcry in the papers, but the Halifax did nothing then.
This was the age of greedy bankers, which as we know is all over now, in this spirit of openness and fairness LOL
Of course as always, there technical reasons why the Halifax felt they could charge you more, (to do with the cap rate), but I wont bore you with details here.
About 600,000 customers will be contacted by the Halifax, however, about 300,000 customers will not receive a payment as they were not paying the SVR on their mortgage during the period affected.
Those who were affected and who are still with the Halifax will have their mortgage accounts credited in April this year.
If they have left the Halifax they will be traced and offered a cheque. Halifax said that some customers would receive a flat-rate payment of £250.
So all’s well that ends well I suppose
Reference; www.bbc.co.uk/news/business-12524732
