Skip to main content
Legal news

Lloyds Banking Group in £500m payout

Jonathan Winston Jonathan Winston
1 min read

The Lloyds Banking Group is to refund 300,000 customers a total of £500m after admitting it caused confusion over its right to charge them more for their standard variable rate mortgages.

The payouts potentially affect those who took out Halifax mortgages between September 2004 and September 2007, before Halifax became part of the Lloyds Banking Group. The company has said that it will contact 600,000 customers to explain the terms of the standard variable rate cap and that goodwill payments will be paid to those who were paying SVR on their mortgage at the relevant time.

Lloyds has said that it has agreed the payments with the Financial Services Authority after admitting that the wording in the mortgage offer documents received by some customers “had the potential to cause confusion”. Some will receive a flat-rate payment of £250 whilst others will receive a much larger amount related to the rise in their interest payment and the size of their mortgage.

http://www.bbc.co.uk/news/business-12524732

Client feedback

Very happy with Winstons, Amr was a tremendous help guiding me and my partner through our first house pruchase. He ws thorough and prompt at all times.
Charlotte a
Very attentive service and excellent communication throughout the selling process. Would firmly recommendation and will be using again for my purchase. Thank you!
Anonymous
Great experience with Winston Solicitors. Communication was clear and consistent, and the work was completed quickly and efficiently. Overall, a smooth and professional service
Subiea
I am very pleased with the service I received from Winstons, this is the second time I have dealt with them for conveyancing services and on both occasions Leasa was incredibly thorough and reassured me every step of the way. When other parties failed to deliver, Leasa ensured things were chased up and delivered/received with accuracy. I would highly recommend and will be sure to use Winston's again for any future property purchases
Charis
Would highly recommend Winston's.Both Leasa and Julie were extremely professional and we recieved regular email and direct call updates.In the middle of an extremely challenging chain, they went above and beyond and became intermediary's liasing with everyone else in order to get the conveyancing completed on time.Thanks again for a great service.Regards
Richard
My conveyancer Samantha and her associate Michelle kept me informed of the progress of my sale throughout the transaction. It was of benefit to me that the Winston office was local with plenty of parking. I would recommend them for any conveyancing
Ms H
Winston’s acted for us with our house sale and onward purchase. They have been excellent from start to finish. Leasa is extremely quick to respond to emails and more than happy to answer any questions. The online system is very efficient and helps keep you up to date with progress of the sale/purchase. Leasa and her team made the whole process so much less stressful than it could’ve been and we can’t thank them enough. We wouldn’t hesitate to recommend them.
Lucy
Teresa and Judith assisted with my recent divorce and i cannot rate them highly enough, i was talked through every aspect and everything was explained in full and i was kept fully updated and imformed of everything that i needed to do and when it was required for. Their patience when i was working away and understanding was especially appreciated.Once that was all complete Amanda and Samantha and the convayensing team sorted the transfer of the house and the paperwork associated with that.I would highly recommend them and thier company for any legal issues you have and would use thier services again without hesitation.
Richard J
Contact Jonathan