Interest only fee with Halifax?

sammyjammy

Has anyone gone interest only with a Halifax mortgage lately? I'm currently on a tracker rate of 0.64% and need to raise some capital to have my roof replaced, if I moved to interest only for a few months this would sort me out, payment would only be £34 and am currently overpaying.

I've looked through my paperwork and on their site but cannot see a fee for changing over, they have lots of transaction charges at £75 so if thats the fee for swapping to IO I might reconsider, it seems pretty steep IMHO (am tight wad!).

Does anyone know?

sammyjammy

Nobody?

opinions4u

Assuming you have a low loan to value ratio (well under 90%) and you're looknig to raise a relatively small amount, why not ask for a payment holiday for between 1 and 6 months?

No fee.

"[FONT=Arial, Helvetica]Mortgage payment holidays[/FONT]
[FONT=Arial, Helvetica]Unlike most other mortgage providers, Halifax can offer payment holidays to the majority of its mortgage customers.[/FONT]
[FONT=Arial, Helvetica]Payment holidays are ideal if you would like a short break from your regular mortgage payments if and when you need to reduce your monthly outgoings.[/FONT]
[FONT=Arial, Helvetica]They are available for a period of between one and six months over the life of the mortgage and for a variety of reasons depending on your circumstances. These include:[/FONT]

• [FONT=Arial, Helvetica]Maternity Leave[/FONT]
• [FONT=Arial, Helvetica]Change of Employment[/FONT]
• [FONT=Arial, Helvetica]Children's Education[/FONT]
• [FONT=Arial, Helvetica]Exceptional or Unforeseen Household Expenditure[/FONT]
• [FONT=Arial, Helvetica]Exceptional or Unforeseen Vehicle Expenditure[/FONT]
• [FONT=Arial, Helvetica]Wedding Expenses[/FONT]
• [FONT=Arial, Helvetica]Tax Bill[/FONT]

[FONT=Arial, Helvetica]To qualify for a payment holiday you need to have had your mortgage for at least three months and be up-to-date on your payments.[/FONT]
[FONT=Arial, Helvetica]Although we try and help as many customers are possible, there will be some cases where a payment holiday may not be available to you. These can include the following:[/FONT]
[FONT=Arial, Helvetica]If you have a second charge on your property[/FONT]
[FONT=Arial, Helvetica]If you have had previous payment holidays totalling six months[/FONT]
[FONT=Arial, Helvetica]If your loan-to-valuation exceeds our criteria[/FONT]
[FONT=Arial, Helvetica]If you think you would be eligible for a payment holiday, applying is easy and very straightforward.[/FONT]
Call 08457 27 37 47 and select option 1, or visit one of our branches."

sammyjammy

I did think about a payment holiday and its still an option but I thought it would be simplier to keep paying the interest but I guess its only £34, my LTV is around 50%-60% depending on what you believe.

I guess I'll just have to go in and see them, if the fee to go interest only is £75 and then £75 to change it back then payment holiday is a better option, as long as they don't makr it as late payments on your credit file....

sammyjammy

In case its of any help to anyone else I popped into Halifax this morning and spoke to a really nice man, he said its more difficulto to move to interest only and he wouldn't be able to authorise personally (although he said its unlikely there would be a fee), he arranged a four month payment break in about five minutes and its all done.

Sam