Posted on 23 February 2011 by Mulchie
We were offered a 2 year fixed mortgage rate in 2006 by Halifax. At the end of the 2 year fixed term in 2008, on Halifax advice(through their customers services over the phone), we ended up taking up a 10 year fixed rate at 7% ending in 2018. We have been trying to remortgage but have been advised by almost all the other lenders (including a Halifax branch mortgage adviser) that we were "ill advised or misled" as Halifax shouldn't have advised us to take a 10 year fixed rate with an early repayment charge of £11000. The reason being that no-one can predict rates in 10 years time. What can we do? Is it worth complaining to Halifax and request a waiver of early repayment charges as a remedy. Our credit history is excellent the only problem is that we are tied to this fixed rate until 2018.
Whatever the final outcome you should start by contacting Halifax and laying out the nature of your complaint, giving as much detail about the original and any subsequent conversations as possible.
Halifax will probably have a recording of the original call and you can ask for a transcript of that.
You can telephone, but I recommend that you write to: Halifax, PO Box 548, Leeds, LS1 1LW.
If you're still not happy once you have exhausted their complaints procedure and received a letter of deadlock, you can ask the Financial Ombudsman Service to look at your complaint. They will not look at any complaints where the Lender has not had a chance to re-act.
Please find below their contact details:
The Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
Telephone: 08450 80 18 00
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