Halifax offering financial inducement to move mortgage to another lender

Kashkai

I received a letter this week from Halifax telling me they're pulling out of the Irish market (bit late notifying me now I thought after this was announced two months ago!!)

anyways I've got a tracker mortgage with them at .7 per cent above the ECB rate which they are probably losing money on. When I took out this mortgage, they paid 1,000 euro towards the legal fees to switch to them. Now they're offering the same amount plus another 150 euro towards a valuers fee to switch to another mortgage supplier. It's blatantly obvious they want to be completely rid of all Irish mortgages if they'll pay you to switch to someone else.

Now there's no way I'm surrendering my tracker but will their next trick be something harsher to make life difficult for me? Are they still within our financial regulators control? Can they raise my rate unilaterally and tell me to fight the case in the UK courts?

Joey the lips

I imagine when they set up dave they were regulated by the financial regulator. I doubt they can do much and tbh I would do my dam best not to pull out of the tracker.

It also might do no harm to point out to them that no banks in ireland are offering a tracker now so by you switching they are putting you out of pocket to the tune of xx amount per year at current rates and on a 30 year mortage that will add up to a lot of xx's

However hopefully you will get a better answer than this from someone else here.

makeorbrake

Prosperous Dave wrote: »

Now there's no way I'm surrendering my tracker but will their next trick be something harsher to make life difficult for me? Are they still within our financial regulators control? Can they raise my rate unilaterally and tell me to fight the case in the UK courts?

Theres a very good current thread on this very subject (not specific to halifax but trackers in general as ALL the banks want rid) over on the askaboutmoney forum.
ECB+0.7 is a very good deal - so sit tight. I suppose some poor soul will think that they don't have any choice but to move their mortgage along with their account - and I suppose on the basis that they may shave off a few more trackers, Halifax probably thought it more than worthwhile sending out these letters.
Theres a posibility that the banks have a 'get out' clause in their contracts. However, its equally possible that consumers can challenge this on the basis of mis-selling if the banks decide to go this route.

ScouseMouse

This is kinda connected.

I have dealings with Halifax/Bank of Scotland Ireland.

They business side (which is supposed to be staying in Ireland) provide me with bank guarantees for my business but just this week they have demanded a 50% increase in the fee. I thought they were trying to make more profit but it has been suggested to me by two different accountants that they are infact trying to get rid of the business so they can have a complete pullout.

Now your thread.

Coincidence? Maybe, maybe not.

makeorbrake

All the banks are actually losing money on trackers - so theres not necessarily a connection. Even if they were staying, they would want to ditch trackers. They are not the first to send out letters. First active did so last year - trying to get people to go on fixed rate ...and basically recommending a deal that would be far worse for them.

There have been a number of articles in the media recently indicating that banks are looking into ways of reneging on their responsibilities re. trackers...the latest being Kathleen Barringtons article in todays Business Post.

Grumpypants

Im in the same boat but not giving up my tracker for a measly 1000 euro that i would have to give to solicitors. Maybe if they said here is 10 grand cash now go away id consider it.

stepbar

Prosperous Dave wrote: »

I received a letter this week from Halifax telling me they're pulling out of the Irish market (bit late notifying me now I thought after this was announced two months ago!!)

anyways I've got a tracker mortgage with them at .7 per cent above the ECB rate which they are probably losing money on. When I took out this mortgage, they paid 1,000 euro towards the legal fees to switch to them. Now they're offering the same amount plus another 150 euro towards a valuers fee to switch to another mortgage supplier. It's blatantly obvious they want to be completely rid of all Irish mortgages if they'll pay you to switch to someone else.

Now there's no way I'm surrendering my tracker but will their next trick be something harsher to make life difficult for me? Are they still within our financial regulators control? Can they raise my rate unilaterally and tell me to fight the case in the UK courts?

Lol at the 1k offer.

Crowd of jokers BOSI are. First they can't even get their communcations right on the what customers with current accounts / loans / credit cards are going to do after the pull out and now this. Jokers.

If I had a tracker mortgage I wouldn't give it up 1k, what a joke :rolleyes: wouldn't even pay the legal fees.

In fact I would write a nice letter back to BOSI, outlining the sum of money you are prepared to accept along with detailed calculations. I'd also write directly to the person who signed the bottom of the letter in the first place. Even if the ECB rate doubled over the next few years you'd still have a cracking rate.