Question about my mortgage status on Halifax online account
Question about my mortgage status on Halifax online account
Author
Discussion

Z064life

Original Poster:

1,926 posts

264 months

Saturday 28th May 2011
quotequote all
Hi,

I have a mortgage with Halifax. The mortgage outstanding figure (e.g. 200k etc) which comes up in "My Accounts", is this meant to be the amount remaining after each monthly repayment?

In my case, this figure does not go down. frown

Thanks

jonah35

3,940 posts

173 months

Saturday 28th May 2011
quotequote all
Z064life said:
Hi,

I have a mortgage with Halifax. The mortgage outstanding figure (e.g. 200k etc) which comes up in "My Accounts", is this meant to be the amount remaining after each monthly repayment?

In my case, this figure does not go down. frown

Thanks
does it just get updated each year?
are you on a repayment mtg?
are you sure it isn't going down even very slowly?

just ring up and find out!

jardinec

391 posts

228 months

Tuesday 31st May 2011
quotequote all
interest only mortgage? - i.e. it will only reflect the outstanding balance?

new-ish repayment mortgage? - the overall balance will only be reduced by a small fraction of the payment made each month

I have it showing in my online banking now too, but I try not to look at it. Not sure how often it updates, but in this day and age I would assume its a live balance


depressing either way biggrin

Sossige

3,176 posts

279 months

Tuesday 31st May 2011
quotequote all
Z064life said:
Hi,

I have a mortgage with Halifax. The mortgage outstanding figure (e.g. 200k etc) which comes up in "My Accounts", is this meant to be the amount remaining after each monthly repayment?

In my case, this figure does not go down. frown

Thanks
Surely you know whether you are on an interest only or repayment mortgage?

As said above, ring Halifax up and find out what is happening to the balance - sooner rather than later wink

gca117

32 posts

176 months

Monday 6th June 2011
quotequote all
Halifax Web site updates the morgage amount each month within 1-2 working days following your payment. Mine goes down each month - I'm on a repayment BoE Base Rate Tracker with a current rate of 1.29% so a big chunk is repayment rather than interest at the moment.

Z064life

Original Poster:

1,926 posts

264 months

Sunday 3rd July 2011
quotequote all
I'm on an interest only mortgage, so any decrease is small.

I will ring up Halifax very soon...

Sarnie

8,231 posts

225 months

Sunday 3rd July 2011
quotequote all
Z064life said:
I'm on an interest only mortgage, so any decrease is small.

I will ring up Halifax very soon...
There won't be ANY decrease in your balance, unless your overpaying.

Sossige

3,176 posts

279 months

Sunday 3rd July 2011
quotequote all
Sarnie said:
Z064life said:
I'm on an interest only mortgage, so any decrease is small.

I will ring up Halifax very soon...
There won't be ANY decrease in your balance, unless your overpaying.
+1. If you have an interest only mortgage, you need to overpay or make other provisions (investments) to ensure that the mortgage balance is cleared at the end of the mortgage term.