Halifax won't give me a deal

simmysi

Hi,

I'm currently have my mortgage with the Halifax. My 2 year fixed is due to end at the end of the year so am looking for new deals.

I searched on moneyfacts and found another decent deal with Halifax but when ringing to try to secure this deal was told that I couldn't have it and that NONE of the deals on any other sites apart from the Halifax site were available to current customers.

Anyone have any experience of this? or will pushing a little harder get me the deals they are offering to other (ie new) customers.

Thanks

Simon

minimike2

This is not uncommon. It may pay to look for a new lender. See what Halifax will actually offer you first, then compare this to what else is available to you. Dont forget to factor in fees to make sure it is worth switching. If you are unsure the a Whole of Market broker would be a good option to do it for you.

feisty1

Halifax have what is known as Product Transfer deals for existing customers....I am afraid no amount of "pushing" will alter this. You may also find a difference in the rates if you go direct or through a broker. Rates will also depend on your LTV (loan to value).

I am a Mortgage Adviser


You should note that this site doesn't check my status as a mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct.

beecher

It isn't the case that they won't give you a deal - they just won't give you one that they'd give a new customer

https://www.halifax.co.uk/mortgages/newdeal.asp

Shows you the ones you can get - they've all got £999 fees now so it is a shame you didn't get your new deal a couple of weeks ago before they changed.

herbiesjp

What kind of figures are you looking at for the mortgage amount and property value? How long have you had the property?

simmysi

My situation is as follows...

Value: 160-175k (was about 195k at peak not sure how much its dropped since)
Mortgage: 100k
It gives me a LTV of around 60-75%
The other issue is I've spent around 40k doing the house up, totally gutted, redone all heating, full rewire etc. Bought it 2 years ago for 147k but worried that a drive-by/bog standard valuation won't show these improvements and it'll get a very low valuation compared to it's actual value.

I think it's only £175 to move from Halifax at the end of my term, it was just for ease that I wanted to stick with them.

The deal i've found was on moneyfacts and was 2 year fixed for 5.99% with a £495 fee. I can get a similar deal with other lenders I think.

Thanks everyone.

Simon

herbiesjp

Most good deals will be on 75% or below LTV

So you should be fine on that front even based on the figures you have provided.

You need to look at transfer deals for existing borrowers with Halifax - not deals for new borrowers to the bank.

You could get cheaper deals for longer fixed rates - which might not be a bad idea - with similar fees

Alternatively you could look at tracker rates and hope they keep going down