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    halifax mortgage & home insurance help

    when I took my mortage out in 2009 they said they could join my home insurance in the same monthly payment ..

    forward to 2016 and I've just got a letter saying I don't have to do it this way .so looking up online it seems I've not been paying anything they ve been adding it to my mortage about 400 a year .but when looking online I'm quoted 186 per year ..

    there team is looking at it and sending me a letter .

    have I been ripped off her and conned I really feel like they've done a dirty trick

    20 Comments

    So they have added the cost of the insurance to the mortgage rather than charge an extra monthly premium? Surely you would have known what the cost of the mortgage without the insurance would have been? And this should have raised alarms when the price with the insurance wasn't much different?

    You could always claim that you were mis sold it, you obviously weren't aware of how the payment was collected, they may claim that the information was provided and you didn't read it properly though

    Original Poster

    I didn't know and never would off got it if I knew they planned to add it to my 25 year term mortage which also adds tons of intrest .
    as I was lead to believe it was all in the monthly payment

    Banned

    Your not the only one, and it's been going on a very long time.

    Edited by: "cchopps" 8th Sep 2016

    Best course of action would be to raise a complaint and that you have been missold. I would try and go through the exec office. I dont have an email but try the ceo email:

    [email protected]

    Stand your ground, articulate your complaint and seek some resolution. If successful you should get redress of the policy amount and potentially interest of 8%. If you can't reach a resolution within 8 weeks, you can go via the financial ombudsman. Each complaint to the ombudsman actually costs the bank £550 so its in their interest to come to a resolution.
    Edited by: "Chanchi32" 8th Sep 2016

    ashmac

    I didn't know and never would off got it if I knew they planned to add it … I didn't know and never would off got it if I knew they planned to add it to my 25 year term mortage which also adds tons of intrest .as I was lead to believe it was all in the monthly payment



    The fact that you didn't know suggests that were mis sold it, I would do as chanci says and raise a claim

    Banned

    Chanchi32

    Best course of action would be to raise a complaint and that you have … Best course of action would be to raise a complaint and that you have been missold. I would try and go through the exec office so email. I dont have an email but try the ceo email:[email protected] your ground, articulate your complaint and seek some resolution. If successful you should get redress of the policy amount and potentially interest of 8%. If you cant reach a resolution within 8 weeks, you can go via the financial ombudsman. Each complaint to the ombudsman actually costs the bank £550 so its in their interest to come to a resolution.



    We need to know more. I would imagine Halifax would need to at least send out an home insurance annual renewal invite to do nothing, with the obligatory price hike. In 2010 is when the OP should have said to Halifax why are you so expensive compared to the competition. He/she has had 6 or 7 bites at the cherry. It used to be worse, where mortgage lenders were insistent that home insurance policies had to be taken out with them.

    Edited by: "cchopps" 8th Sep 2016

    Yes you have been ripped off, they have effectively increased your mortgage loan by 7 x £400, ie £2800, which you will pay interest on for the remaining term of your mortgage, and you probably could have got the same policy cheaper by shopping around. I would contact the financial ombudsman as if this wasn't explained to you properly it is mis-selling

    Banned

    mikey_d

    Yes you have been ripped off, they have effectively increased your … Yes you have been ripped off, they have effectively increased your mortgage loan by 7 x £400, ie £2800, which you will pay interest on for the remaining term of your mortgage, and you probably could have got the same policy cheaper by shopping around. I would contact the financial ombudsman as if this wasn't explained to you properly it is mis-selling



    OP must have received annual literature reiterating the situation.

    Halifax also send annual mortgage statements which would show this payment on them

    cchopps

    [. It used to be worse, where mortgage lenders were insistent that home … [. It used to be worse, where mortgage lenders were insistent that home insurance policies had to be taken out with them.



    That happened to me years ago with the Halifax again, I paid their extortionate insurance for a 4 or 5 years before I found out they had stiffed me, I saved a load after that by shopping around

    cchopps

    OP must have received annual literature reiterating the situation.



    I expect it was the usual renewal type letter stating the new quote and saying you don't need to do anything if you accept it, no mention of the fact that it is being added to the loan, and it sounds like the op was given the impression that they were in fact paying the insurance amount off monthly on top of their monthly mortgage payment instead of increasing what they owe

    Banned

    mikey_d

    I expect it was the usual renewal type letter stating the new quote and … I expect it was the usual renewal type letter stating the new quote and saying you don't need to do anything if you accept it, no mention of the fact that it is being added to the loan, and it sounds like the op was given the impression that they were in fact paying the insurance amount off monthly on top of their monthly mortgage payment instead of increasing what they owe



    If it's the case that it was only mentioned once back in 2009 about the method of how the premium was to be paid, and the following invites to renew made no mention of the method, that to me is a clear case of mis-selling from 2010-present. I would say that would apply even if the OP was not mis-sold in 2009 which he/she seems to think they were.

    If on the other hand everything has been laid out properly each year at renewal, in my opinion the OP is fighting an uphill battle.

    Original Poster

    I didn't know my home insurance was going up as my payments never changed

    That is a sneaky underhand way of dealing I agree but you really need to check what you signed up for . If you signed up to them doing this it could be difficult to prove you were missold .£400 sounds steep but I don't know what property you have . I pay a bit over £300 buildings and contents for a four bed detached new build and £180 buildings only for my 3 bed detached rental . It sounds expensive but the cheapest quote is not always the best value and they may use that argument . You have been insured for the past 7 years so there has to be something to pay so don't expect them to give you £2800 plus interest even if they admit they have not served you well . I wish you the best in your quest for resolution but I don't think it will be easy .

    I would be surprised if you aren't dealt with favourably by halifax. Definite underhand tactics here and I feel ombudsman will be interested also.

    Original Poster

    well intresting just checked my mortage and last night they applied £1600 ex gratia to my acount ...strange after see what letter says

    Original Poster

    had to Google that as didn't know what it was hahaha so that's a start

    ashmac

    well intresting just checked my mortage and last night they applied £1600 … well intresting just checked my mortage and last night they applied £1600 ex gratia to my acount ...strange after see what letter says



    That's good news.

    Interesting to see how they have calculated the redress amount. If you think it should be more go via the exec office and complain.

    Original Poster

    Chanchi32

    That's good news.Interesting to see how they have calculated the redress … That's good news.Interesting to see how they have calculated the redress amount. If you think it should be more go via the exec office and complain.



    ​this is still my issue there saying I owe 3k in preuims added to my mortage .once they send me a letter il write to financial ombudsman service
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