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Thousands to seek mortgage compensation

  • 26/02/2002
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Thousands of calls have been received by Halifax from confused borrowers, following the Financial Om...

Thousands of calls have been received by Halifax from confused borrowers, following the Financial Ombudsman’s ruling on dual rates.

Customers are seeking compensation after two Halifax borrowers won the right to compensation after being tied into the lender’s higher standard variable rate, when a lower rate was introduced for new borrowers. The lender was forced to ditch its lower rate for new borrowers.

Halifax launched a helpline for customers and received around 12,000 calls in the first two days.

Mark Hemmingway, a Halifax spokesperson, said: ‘Before we pay any compensation out, we are seeking clarification from the Ombudsman on the 30-page report from the ruling. Once clarification has been given, we will look at each case individually.’

Other lenders affected by the ruling include Nationwide and Abbey National.


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