Halifax Tracker Advice needed..

vo-vo

Our mortgage with Halifax at 5.19% 2 years is coming to an end in February.

Broker recommended tracker for 3 years at base rate + 1.79% with arrangement fee of £1500 (with Halifax) - which will currently be 3.79%.

I'm not sure if this is a good deal at the moment considering the high arrangement fee, but broker was saying that all tracker will be removed soon, and we may need to make a decision asap. Is this true?

Any advice, please?

Thanks.

opinions4u

Okay, give people a hand here with some numbers.

1) Value of your house (be conservative!).
2) Amount owing on your mortgage.
3) Your annual salary

This will help people work out if there's a better option, and establish the value for money of the arrangement fee.

Trackers and fixed rates do change from time to time and may be withdrawn or replaced. Nobody really knows - unless the broker has had prior advice, he/she will be guessing how the market will pan out.

I can't see the deal your talking about on their web site:

http://www.halifax.co.uk/mortgages/existingcustomer3yrtracker.asp

... but my gut reaction at the moment is to go on to a 4.75% SVR with no fee and review the market after Christmas. I think things might be a little bit cheaper then if you do want a deal.

No promises though!

mikeouk

vo-vo wrote: »

Our mortgage with Halifax at 5.19% 2 years is coming to an end in February.

Broker recommended tracker for 3 years at base rate + 1.79% with arrangement fee of £1500 (with Halifax) - which will currently be 3.79%.

I'm not sure if this is a good deal at the moment considering the high arrangement fee, but broker was saying that all tracker will be removed soon, and we may need to make a decision asap. Is this true?

Any advice, please?

Thanks.

not sure where this deal is, the 3 year tracker deals are
1.89 above bank rate at a fee of £499 and 1.59 above bank rate at a fee of £1249

im in the same boat as you, my tracker ends this month, ive just arrange the 1.89 above deal, the guy i speaking to said that halifax are passing on the rate drop so my rate will be 3.89

r2mahara

mikeouk wrote: »

not sure where this deal is, the 3 year tracker deals are
im in the same boat as you, my tracker ends this month, ive just arrange the 1.89 above deal, the guy i speaking to said that halifax are passing on the rate drop so my rate will be 3.89

Do you have any reference for this? There is a clause in my contract that Halifax "may" change the margin on trackers if the base rate falls below 3%, so it's not guaranteed they will pass on any of the current cuts.

I can't see anything about it on their website, so I'll also phone them.

Edit: Found a link: http://www.google.com/hostednews/ukpress/article/ALeqM5jFLnOI26q8CyQDtT91M32Rrx_8HA

It appears that they will pass on the full 1%. Phew! I only recently got my mortgage with them and was wondering if I made a bad decision.

vo-vo

The deal was given by broker and was told that will end last Friday, so we have verbally agreed to secure it first. However now that I checked the website there seemed to be better tracker deal available. Wonder if I can still cancel it as our current mortgage does not end until end of Feb 2009!

How long in advance do people normally put in remortgage application before their current rate end? Does the process take long at all?

opinions4u

vo-vo wrote: »

The deal was given by broker and was told that will end last Friday, so we have verbally agreed to secure it first. However now that I checked the website there seemed to be better tracker deal available.
Usually no problem - ring your broker.

Wonder if I can still cancel it as our current mortgage does not end until end of Feb 2009!
Fairly sure if they were setting up a deal in advance for one product, then it should be no problem to get the other product in place.

How long in advance do people normally put in remortgage application before their current rate end? Does the process take long at all?
I'd usually allow a couple of months, although things can go through quicker than this. From your first posting I understood this was a product transfer with Halifax, not a remortgage from one lender to another. If you're staying put, Halifax can usually set you up with a new product within 24 hours.

Hope this helps.