For a while now I have been taking my chances by not fixing the interest rate on my mortgage and, to be honest, it has saved me hundreds of pounds so you can imagine that I was even more happy when I opened my recent mortgage statement to find out that the Halifax had credited my account with a £2,195 goodwill payment. 

The thing is, they didn't tell me what this goodwill payment was for.  Were they just feeling generous? Rewarding me for my loyal custom or was it just a clerical error?  Two weeks letter I received another letter telling me the reason for their unexpected generosity.

Apparently when I took out my mortgage somewhere buried in all the paperwork and jargon was a paragraph that stated my mortgage had a cap on the variable rate. i.e it would never go below 3.5%.  I assume the Halifax never thought that the Bank of England base rate would ever fall below this limit so they didn't think it was worth drawing attention to it.  Oh how wrong they were. 

So the goodwill payment I received was compensation for this oversight. 

I love it when a mistake doesn't ending up costing me money!!

Leave a comment

Comments:

Ros McMahon says:

September 16th, 2011 at 10:27

Well done Suz, great news!

What happened to the cakes?

Leave a comment:

Forename:
Surname:
Email address:
Your comments:

Choose an icon below:

I would like to receive updates by email when new comments are posted to this blog