The Halifax must pay £ 500 million approximately 300,000 customers in mortgage after confusing you on his right you more for your standard variable rate mortgages calculate it approved as part of the deal with the financial services authority (FSA).
The Bank that now part of Lloyds banking group, lifted the margin to some its mortgages from 2% to 3% above the base rate in January 2009. Lloyds claimed that the agreement was a "voluntary" and "proactive".
Halifax, said that a flat rate amount would get some customers of £ 250. Others receive a variable payment to increase your interest payment and the size of their mortgages. This could range from hundreds of pounds to several thousand pounds.
The problem arose in the fall of 2008 and early 2009 as the Bank of England gradually its official bank rate from 5% to 0.5% to help avert the banking crisis cut.
The Halifax decided to cut its variable standard rate (SVR) in step with the Bank of England, which is its margin above base rate. You then allow that your mortgage deals from September 2004 until September 2007 issued not been as clear as you could have been and the "had potential to result in confusion".
The lender had not made it clear that means his terms it later the customer free of charge can vary, that went to its variable standard rate.
The problem was first highlighted at the time by Ray Boulger of John CharCol mortgage brokers. He had queried whether the Halifax had entitled his SVR from a 2% margin above base rate to a 3% margin change if, the deal is the most important facts right not explicitly mentioned the offer documents Bank.
Usually the affected customers are those whose mortgage deals with the Halifax SVR once their temporary restored or Tracker rate had expired deal. The Halifax thrown, the upper limit for its SAR of discount rate plus 2% on discount rate plus 3% with effect from January 2009, citing "mitigating economic conditions".
This meant more than otherwise the case would have been approximately 300,000 customers at this time were calculated.
A spokesman for Lloyds "Group undertakes running his business with the highest levels of integrity and its customers to treat fairly, and therefore believes that proactive coordinated program to identify affected customers and goodwill payments which approach".
About 600,000 customers will be contacted by the Halifax, approximately 300,000 customers get affected however no payment when you paid the SARS period on your mortgage.
Those who were affected and are still with the Halifax, your mortgage accounts, who in April of this year credited. If you have left the Halifax tracks and offered a check.