Remortgage question

waterbaby

Hi,

I get put to Halifax's SVR of 6.5% soon, so naturally I am looking around. I have had details of a mortgage found for me by a broker. I guess my question is - is it standard to approach Halifax and see what they can do and if they can beat it? I feel an obligation to the broker, but I know that's not a good MSE attitude.

The current deal runs out at the end of July, is it a little too soon to expect Halifax to know what they can offer?

I remember reading though that Halifax aren't very responsive to such enquiries. So I don't expect much.

stanmoresaver

waterbaby wrote:

Hi,

I get put to Halifax's SVR of 6.5% soon, so naturally I am looking around. I have had details of a mortgage found for me by a broker. I guess my question is - is it standard to approach Halifax and see what they can do and if they can beat it? I feel an obligation to the broker, but I know that's not a good MSE attitude.

The current deal runs out at the end of July, is it a little too soon to expect Halifax to know what they can offer?

I remember reading though that Halifax aren't very responsive to such enquiries. So I don't expect much.

A decent broker should be aware of the Halifax's retention products and have taken them into considaration- Ask him if he has- if not- maybe another broker might be in order?

Hillfly

waterbaby,

Sounds like you don't have much faith in your mortgage broker. Surely doing th elgwork yourself defeats the object of using a professional broker?

I will happily reccomend a friend of mine who is an IFA - he has given me very good independant mortgage advise. He sets out the best mortgage options based on your requirements (eg fixed, dsicount etc) and gives very simple to follow cost guide's.

PM me if you want his details.

MortgageMamma

Hillfly,

You are like a broken record. Out of the 5 posts you have recently put on the mortgages forum you have recommended "this guy" 4 times. And you've even gone so far as to say in one post that he's going to pay you if you get him lots of referrals! If you don't have any technical knowledge yourself and are unable to contribute then I suggest you leave it the the experts that contribute to this site freely, after all, mse'ers come on this site looking for free help, not for recommendations.

cattie

Yes always approach your existing lender first to see what deals they can offer you. By sticking with the same lender you can often save on fee's, which may just make a difference to what is on offer from another lender.

Just remember to weigh up all the costs of switching lenders, this is especially so for those with smaller morgages who may not actually gain anything by the time the relevant fee's are taken into acccout.

regularsaver1

You can easily telephone to see whats available at present

waterbaby

stanmoresaver wrote:

A decent broker should be aware of the Halifax's retention products and have taken them into considaration- Ask him if he has- if not- maybe another broker might be in order?

I will add this to my list of questions for the broker! I have no reason to think he is sub-standard by the way (in fact, he came recommended by someone I have a lot of respect for when it comes to finances), it's just I've never used one before so I am not used to the procedure.

waterbaby

regularsaver1 wrote:

You can easily telephone to see whats available at present

Would they be able to tell me now, for the end of July? I suspect its too early because the quotation that I have already is illustrated to start two months before the end of my current fixed period, but I will phone and find out.

regularsaver1

I am reviewer, so would not be able to do illustrations until 8 weeks before when you will receive a letter - however, they can quote rates to you and the fees that are appropriate

unless if you are not tied in they can give illustrations

MarkyMarkD

Halifax never offer very good retention products, so unless your mortgage is a low amount (say sub-£50k) it's unlikely to be worthwhile to stay with them.

But, as others have posted, your adviser can only recommend in the context of what Halifax would offer you unless they are failing to give you best advice. Comparing to Halifax's SVR is a red herring as nobody in their right mind would pay that (unless they were about to redeem or had other extenuating circumstances).

regularsaver1

not always true MarkyMarkD - a 4.79% is not really a bad product

the review service is non-advised anyhow so no advice is given - can just give you facts