Halifax to pay £500m to mortgage customers
The Halifax will make payments to 300,000 mortgage customers, up to a £500m total, after reaching a deal with the Financial Services Authority.
The bank, now part of Lloyds Banking Group, admitted confusing customers about its right to charge them more for their standard variable rate mortgages.
The relevant mortgages were written during 2007-2009 by the Bank of Scotland under the Halifax brand, and through the contact programme, goodwill payments will be made to the affected customers. The potential confusion is down to the wording found in the mortgage offer which summaries the mortgage cap and this originally stated that the rate would not be more than 2% over base.
February 25, 2011
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