LTV 122% - Halifax wont let me fix at the moment

beecher

happybroker wrote: »

obviously I don't have the experience of going directly to the halifax as a borrower as I have never borrowed any money from them but I have (off the top of my head) put 3 product transfers with them in the last 2 weeks for clients coming to the end of their deals in July.

I didn't place any of these mortgages with Halifax originally and when I key in the transfer it tells me what the "indexed" valuation is. For example (and these are real figures) current loan amount is £112511, current "indexed" val is £103920, original val was £130,000. Hfx confirmed that if client reduces balance to £110,500 (85% of orginal val) they would qualify for the rates available at that banding, client made the payment, received the paperwork, signed it, returned it and has confirmation that her rate will be switched as of 01/07.

With all due respect you haven't been given the full picture by hfx of that is what you have been told I am afraid.

This really is posted in the very best spirit of MSE, I am not trying to upset anyone here.

With all due respect, the example you give there doesn't fit with what you said in earlier posts and in fact backs up what has been said by others. Halifax don't use the original valuation, they use the new one, but allow existing clients in negative equity to get a new deal, as long as their LTV is less than 120%. All of this has already been covered so I really think you're just confusing matters with your contradictory posts.

minimike2

They do indeed use the current indexed valuation for any product transfer and allow up to 120% for a 95% product. The original valuation doesnt come into it.

Wickedkitten

Greenr wrote: »

Our current fixed rate is 6.01% which ends in June this year. We paid 67,450 for our property in May 07 and put down a 3% deposit. We had it re-valued after refurbishment in Sep 07 and were told by a local estate agent that it was worth between 80 and 85k....

September 07 was a month or so before Northern Rock went !!!!'s up and everything started going down the spout so if you got it revalued, it more than likely would be for a lot less than 80k.

happybroker

APOLOGIES

---

hfx confirmed the 120% rule (not had a client at that ltv to date).
They did confirm that you can reduce the balance to 120% and then qualify for one of their retention deals however.......guess from your figures this would equate to about £1300.
AGAIN, APOLOGIES

flyingbanana_2

There own indexed is rubbish! I just phoned them and my LTV is apparently 125%!!!

They are basically saying that everyone is over the 120% LTV so that they can charge people the £165+ valuation fees! It is such a con, there is absolutely no way that my property is worth what they are saying it is.

And banks wonder why people hate their guts! :@

beecher

flyingbanana wrote: »

There own indexed is rubbish! I just phoned them and my LTV is apparently 125%!!!

They are basically saying that everyone is over the 120% LTV so that they can charge people the £165+ valuation fees! It is such a con, there is absolutely no way that my property is worth what they are saying it is.

And banks wonder why people hate their guts! :@

It is strange because mine is also wrong, but is overvalued by at least 20%. It isn't a 'con' - they just use national data which can't be accurate for every individual property.

flyingbanana_2

beecher wrote: »

It is strange because mine is also wrong, but is overvalued by at least 20%. It isn't a 'con' - they just use national data which can't be accurate for every individual property.

sure it isnt!!!!!

Not only do i know have to pat £200 for a valuation, which they are making me have, i also have the privilege of paying £1250 for the arrangement fee of the mortgage! :mad:

Why is it that hard working honest people, have to pay for the greed and imcompentence of others????

beecher

flyingbanana wrote: »

sure it isnt!!!!!

Not only do i know have to pat £200 for a valuation, which they are making me have, i also have the privilege of paying £1250 for the arrangement fee of the mortgage! :mad:

Why is it that hard working honest people, have to pay for the greed and imcompentence of others????

I think you should calm down, breathe and be thankful that Halifax are willing to give you a deal while you're in negative equity. Plenty of other banks aren't doing so unless your LTV is below 90%. The value of your property will have gone down - same as everyone else's. You might be shocked once you get that valuation done - it is possible that Halifax's valuation isn't as inaccurate as you think.

You obviously also have the option of the SVR if you're unhappy with Halifax, or to overpay significantly, get down to 90% and move elsewhere.

joaniemerc

Just rang Halifax inquiring about 5 year fixed products - we're currently with them and our 5 year fix finishes in July. I was offered (a) 4.99% with a fee of £499 or (b) 4.69% with a fee of £999. Our LTV, she worked out, is 63%.

Think I might look into the Post Office's 5 year fix at 4.15% - although the fees are a bit higher.

beecher

joaniemerc, there's also 4 year deals

4.89% at £299 4.69 £499 4.44% £999

If you could pay enough to get your LTV down to 60% there's more options too. Depends on the size of your mortgage how important fees are though.