halifax 5 yr fixed up next year

poppysarah

what does it go onto? Is it SVR?

Asking for a friend who doesn't know what rate it's on now...
but they're IO on 67k and it's 291which is 5%

Their site says about 75%ltv but they only have 50% share of the property so is it 75% of that or the whole?

beecher

SVR is at 3.5% at the moment, but I wouldn't be banking on it being at the same rate by next year - it was 7% only a few months ago.

poppysarah

SO SVR might be lower than they're currently on, but that's not fixed...
Is that automatic if they don't want to go on a fixed? Do they need a certain % still or is their 67/75 out of 150 ok

(Will it even be worth 150 now? Will they revalue?)

beecher

poppysarah wrote: »

SO SVR might be lower than they're currently on, but that's not fixed...
Is that automatic if they don't want to go on a fixed? Do they need a certain % still or is their 67/75 out of 150 ok

(Will it even be worth 150 now? Will they revalue?)

Yes they will automatically go onto the SVR, and yes they'll revalue using their computerised systems. They can phone up now and they'll probably tell them what valuation they have at the moment to work out current LTV.

poppysarah

is it worth doing it now?
It sounds sensible to me but I know she'll probably not ring up unless I can give her a good reason... do they revalue it next summer when it runs out too?

beecher

It'll constantly be revalued on their system - up to your friend whether she wants to know or not. Things could change a lot before next summer - SVR might be higher, value lower.

poppysarah

Thanks that's cleared it up for me... I'll pass it on to her tonight...
Cheers