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Early Repayment Charges - Halifax - Small Claims Court


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Hi all,

 

I took out a fixed rate mortgage with the Halifax a few years ago. I had previous been on a fixed rate with them which came to an end, but decided to renew based on their advice.

 

At the time I specifically told them I would be looking to move house before the end of the fixed rate and they assured me this was not a problem as I could port the mortgage.

 

Low and behold when it came to moving they wouldn't allow me to port the mortgage as I didn't meet the additional lending criteria. As a result I had to go with another lender and incurred £3k + in ERCs.

 

I complained to the Halifax and the financial ombudsman, on the grounds that I took out the product on the promise that I could port. Unfortunately my complaint was not upheld.

 

I now feel I am left with no other option but to make a claim via the courts.

 

Can anyone offer any advice as to whether my claim stands any chance of being successful?

 

Thanks in advance

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" When will I not be able to take the product rate to a new mortgage?

 

You can only take your product rate to a new loan if your offer letter says so.

 

The product rate can only be taken to a new loan while the product rate period(s) applies. You can't take your product rate once you're paying interest at the lender variable rate that applies to that part of your mortgage.

 

We'll decide whether to offer you a new mortgage based on our lending policies at the time you apply. If we don’t offer you a new mortgage, you can't take your product. Also, if you repay your existing mortgage, you'll still have to pay early repayment charges."

 

 

 

http://www.halifax.co.uk/mortgages/mortgage-information/porting/

 

Welcome to CAG macca

 

Regards

 

Andy

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