Brian Watson

April 10, 2023

The Halifax won't 'Stand By You' if it doesn't suit them.

Where to start with this one!First of all, I have to admit that I had forgotten that my fixed rate interest only mortgage finished on the 21st July 2023. That was, until I received a letter through the post today, July 14th 2023! When my wife opened the letter a shock hit her right between the eyes. Our monthly payments were to rise from £703 to an eye watering £2,682!!!An absolutely outrageous amount of money for people on a pension to be expected to pay.So, I called the Halifax, whilst the lady I spoke to did all she could to find a way to help, that search was not fruitful. The lady in question did inform me that I had been informed, reminded that this change was about to take place, but I assured her that I had not recieved any of those reminder communications.I explained that I knew the life of my mortgage was coming to an end in 14 months time, therefore my home had been put on the market. Due to the actions of an incompetent government the property market isn't very bouyant. Yet we do have interest in our house. BUT and it's a big BUT, why wasn't my fixed rate mortgage fixed for just another 14 months, bringing that fixed rate right to the end of the mortgage period?Due to unforseen circumstances the only way I could repay the full loan was to sell my house, which I was prepared to do, and I thought by putting my house on the market 14 months prior to the end of the mortgage would be the perfect way to complete my obligations to repay the full loan.With just 14 months to go you would think there would be a solution to this problem without the daylight robbery of a vast amount of money being demanded of me each month. Apparently not!This is the Halifax Building Society, a company my mortgages have been with since around 1979, the same company which advertises itself with a famous Oasis song, 'Stand By Me'. The lyrics of which are performed as follows: 'Stand by me, nobody knows the way it's going to be'. Well, this company are not 'Standing By Me', and I'm sure the Advertising Standards Authority might have something to say about this complete fabrication.I will add that when my wife open the letter informing us of this rise in our repayments she burst into tears at the sight of the large black type spelling out our fate. Thankfully my wife doesn't have a heart condition or this tale may well have had an extremely tragic ending. Seemingly the Halifax Building Society doesn't 'Stand By Me' or my wife or potentially anyone else, if it doesn't suit them.

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