Mortgages are like party political broadcasts. Tell me about a mortgage and I’ll listen, I’ll even think I’ve understood you, but when I try to tell someone later what was so brilliant about your particular brand it’s gone. It went into my brain I’m sure, but somewhere along the way I lost it, or that’s what it seems like.

I’ll start at the beginning, because that’s a very good place to start; it’s also plagiarised from a Julie Andrews song so I’ll acknowledge that now. In 1983 we took out our first mortgage with the Leeds Building Society (I know the heading is the Halifax but I’ll come to that). The Leeds had a branch in our village and a nice little man who wanted to help us. We saved the necessary 10% deposit, and he advised the balance would be best served by an endowment mortgage. Now we all know many endowments are now not making enough to pay off mortgages, but so far, touch wood, ours seems to be ok. Having said that I have memories of being told it would pay the mortgage and give us a nice little lump sum. If it says anywhere in the small print (as I’m sure it does) it may have a shortfall I don’t remember seeing it or being told about it, but there you go.

In 1999, the Yorkshire Bank offered to give me a mortgage quote and indeed came up with a good quote that reduced our payments. So armed with this information I visited the Halifax and we discussed the options and negotiated a deal. Although we would be penalised for changing mortgages within 5 years of the cash back deal (have I lost you yet? Hang in there), they still offered us a better deal which would reduce our mortgage payments to less than the Yorkshire Bank quote. The mortgage was still to run over the remaining term, i.e. we never started again at 20 years and so the plan was this ~

2020 ~ mortgage paid up by the remaining repayment. Hubby and me just the right side of 60 and hey ho retirement beckons.

I couldn’t miss this juicy news because it was on the TV and everything, so I listened, I became interested, and I did as the Daily Mail advised, I complained. To summarise the outcome, the Ombudsman judged everybody’s case based on a couple of initial examples, and their outcomes affected our cases. Everybody who complained to the Halifax and asked to change rates before a certain date, which was something like Jan 2002 were entitled to compensation. Those who complained after this date, Yes that’s right, muggings here because I didn’t know about it until then got a big fat zero.

Further more, they argue that we should have seen the new rate ourselves and asked to change to it as it was widely advertised, and we should have complained earlier, thus entitling us to compensation. Halifax that is Utter Rubbish and bad customer service. If we had asked to change you wouldn't let us remember, and we shouldn't have to go to the Ombudsman for compensation, you should have treated your customers fairly to start with. We have been with them since they took over The Leeds, and frankly if they value their customers they should offer the deals to everyone. (I did write and tell them this). By now I’ve decided we will march with our feet and change mortgage lenders, after all there are some good ads on TV. Have you seen the couple with the cash back arguing over a snooker table after having built their new extension, all funded by changing mortgages? The problem is we are tied into this deal until 2004.

Seriously now, mortgages are complicated things, easy to get into, sound good at the time, but full of small print too. When 2004 comes I will shop around again for the best deal. I know this will probably tie us in again for 5 years but you can make savings this way. Basically I’m just annoyed that the Halifax treated customers the way it did this year by refusing to allow customers to change to the better rate. So Halifax, a big thumbs down from me. You really should value your customers more.