Morgage

[reeree1805]

Hi has anyone had a letter from halifax about a repayment mortgage ??
Im very confused about mine but when i ring they say wait until may for another letter. Its quite worrying that it could change .
Any help be greatful xxx

What kind of letter? Is your fixed rate coming to an end or is there another issue? If your fixed rate is coming to an end you can discuss a product transfer but you have to ask them what they have available for you and what the monthly repayments will be. If its something else let me know and I'll see if I can help.

Hi thank you. It says the financial conduct authority has asked lenders to exclude any mortgage arrears from the balance they use to work out monthly payments . Customers should arrange to pay off arrears separately. I dont have any arrears but it says later on how the change will affect you : if some or all of your mortgage is a repayment mortgage.
I believe mine is although its fixed until 2019.
I have rang but they have a voice mail saying wait for another letter . If changes are made we will revive a letter in may.
I dont really understand the repayment part . It says after the change is made they will work out the monthly payment excluding any arrears . I persume arrears and repayment are the same .

The arrears are if you have fallen behind in your payments. What they are saying is your monthly payments are calculated on your mortgage excluding arrears. Therefore if you have arrears you will have to arrange additional payments with them to pay off any outstanding arrears.

It's a standard letter. I got one and have never had arrears. It looks like the changes are for repayment mortgage rather than interest only.

I got one too. We have never fallen behind on payments and don't expect we ever will, so we can ignore it. If you are in the same position you can ignore it too.

Ah I had the same. If you are not in arrears you can ignore it. Nothing will change.

Aww thank you iv never missed a payment . But my mortgage does say a repayment one . Think this is why im getting so confused. Glad others have had one . Wish they wouldnt send letters out unless it dud affect u . Thanks for your help xx

reeree its just more fca rubbish

@reeree1805 It's not anything to do with this is it?
www.moneysavingexpert.com/news/mortgages/2018/03/halifax-wrongly-marks-mortgage-payments-as-late-in-five-year-credit-file-blunder

I hope not it doesnt say im in any arrears or missed payment . Ill just have to wait for another letter if i get one and take it from there . Its been goin out my bank to somewhere 😁😁 .

I got this letter but disregarded as we have no arrears. I assume the how it will affect you bit is if for if you ever do get into arrears

Standard letter in response to FCA guidelines. Everyone with a Halifax repayment mortgage got one.

Im not worried now with everyone helping on here seems im not the only one so thanks guys 😀

It's not anything to do with this is it?
www.moneysavingexpert.com/news/mortgages/2018/03/halifax-wrongly-marks-mortgage-payments-as-late-in-five-year-credit-file-blunder

No it's just saying that they are changing the way that they deal with arrears in repayment mortgages. So it's something that they have to let people with repayment mortgages know about but won't affect people who aren't in arrears and will not go into arrears.

OP - just to clarify in case you are confused, although you don't need to worry about any of this.
Arrears basically means missed mortgage payments.
Repayment mortgage means that you are (slowly) paying off the amount that you borrowed to purchase the property as well as the interest owed. The opposite if this is an interest only mortgage.

Thank you for all your help xx

Also received this letter but just disregarded as said above as we don't have any arrears. Presume they have to send to all their customers regardless of whether they are in arrears or not as part of the FCA regulations.