Halifax Fixed Morgage Coming To An End Need Advise

TAZMANUK_2

Hi all

I need some help and advice as i am totally useless as morgages

Bsically our 6 year fixed rate morgage is coming to an end in July however we have started to hunt and look about but unsure where to start

As i have looked on the halifax website and states that we wont incur any legal fees etc for staying with them and a easy and quick to switch to there other morrage deals

here is what i dont get, in some of the sections it says looking at the deals it says fee £999 and a few others £0, we would pick the £0 as cant afford £999 in product fees as i am on short time at the moment earning less as had 40% cust from my wage earning less that £700 per month.

please advise should i stay with halifax and make sure i pick the one with £0 product fees and no legal fees or switch im just in a muddle

beecher2

TAZMANUK wrote: »

Hi all


please advise should i stay with halifax and make sure i pick the one with £0 product fees and no legal fees or switch im just in a muddle

None of us know as you haven't posted details about the amount of outstanding mortgage, value of the house, salary multiples, credit scores. If you do nothing you'll go onto the SVR which is 3.5% at the moment.

Maybe you should go to see an adviser?

TAZMANUK_2

outstanding

£51,000

Value of house £105k

the only salary is my own

VIGILANT22

TAZMANUK wrote: »

Hi all


As i have looked on the halifax website and states that we wont incur any legal fees etc for staying with them and a easy and quick to switch to there other morrage deals

here is what i dont get, in some of the sections it says looking at the deals it says fee £999 and a few others £0, we would pick the £0 as cant afford £999 in product fees as i am on short time at the moment earning less as had 40% cust from my wage earning less that £700 per month.

please advise should i stay with halifax and make sure i pick the one with £0 product fees and no legal fees or switch im just in a muddle

Re fees...if you stay with a current provider no legal fees are applicable as they dont have to do any legal work as this was done when you first took your mortgage with them.

You will find a lower interest rate will have a higher arrangement fee and a higher interest rate may offer a lower arrangement fee or no arrangement fee at all.

You can choose to add fees to the mortgage.

Tiddler_2

If your current income is reduced to £700 p.m. net (approx £9500 gross?) you may struggle to move your mortgage to a new lender, unless you have anyother income, as they will want you to state your current income, and may ask for proof of this.

So it may be a case of deciding on a new deal with Halifax or staying on SVR. If you choose a new deal, I would've thought that fee free deals would work out to be best value for money for you over period of the deal with you having a relatively small mortgage.