2 years into my 5 year fixed rate mortgage I receive a letter to say my monthly mortgage payment would decrease by £200. I didn't want to decrease how much I pay as it is already low. Halifax say it is because I made an authorised overpayment, which means the amount I pay monthly would need to be decreased in order for me to keep paying until I reach the end of the term of my mortgage (18 years). It makes no sense whatsoever. What is the point in giving customers the option to overpay every year by 10% only to then re-review your mortgage and decrease how much you pay back the following year? If you want to overpay the 10%, you will need to have your mortgage recalculated every year, which basically feels like you are reapplying for your mortgage as I have so far spent hours and hours trying to do this and still haven't managed to get it sorted. It's pretty obvious Halifax have this policy as a way of keeping customers in debt for as long as possible.
Reviewed on: 12th January 2024
