Halifax pays £500m after SVR mortgage blunder | This is Money
Halifax has agreed to make 'goodwill' payments to 300,000 mortgage customers after confusing wording on some standard variable rate mortgages.
The bank shifted the goalposts on some standard variable rates, raising their cap above the base rate from 2% to 3%, but failed to inform customers properly.
The bank, now owned by part-nationalised Lloyds, has agreed to the £500m provision after reaching a deal with the Financial Services Authority (FSA) to handle complaints over some of its mortgages.
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