Mortgage Fixed Rate Ended

shottsguy22

Hi i'm looking for some help!

My 5 year fixed rate deal is up with the Halifax and now my monthly payments have dropped which is good but i think i could get a better rate.

My problem is a poor credit rating, Halifax were the only bank who would give me a mortgage.

I'm unsure even if they will offer me a new fixed rate deal. Should I go and try or just continue with the rate they've put me on? (which is 3.5%) ?

thanks in advance

VIGILANT22

Halifax existing clients are offered "Product Transfers" (new deal) without any credit checking.......However it has been rumoured they may start credit checking in the future..............


If you dont think you're credit file would be acceptable by Halifax I doubt you will have any other options....

Where do you think you could get a better rate than 3.5%

shottsguy22

I'm kinda of new to mortgages this is my first one as i bought my house when i was 20. I take it from what you say 3.5% is a good rate?:question:

VIGILANT22

If you're with Halifax and have an impaired credit history, yr lucky they offer new deals with no credit check......Why did you think "i think i could get a better rate"?

shottsguy22

how do you work out i'm lucky? My mortgage is paid faithfully every month, i'm sure i am not the only one who had problems with money in the past. Is it not a fair question to ask if there are better deals?:mad:

VIGILANT22

You are extremely lucky......impaired credit history means you have not allways conducted your credit satisfactorily...therefore you're a bigger risk to a lender.........people with adverse credit normally have a rate reflecting the risk they are...........so to be on 3.5% with hally you're very lucky.........

Alt

Your best bet is still with Halifax. Have you checked online for their current mortgage offers for existing borrowers?
If you find one that you prefer to your current deal why don't you just apply? At worst you will be refused and you can stay with your current 3.5% rate.

fifi35

I think your rate is pretty good. My discounted rate has just come to an end and my mortgage payments have almost doubled. Abbey (who I have been with for 15yrs) say they can't do any better than their svr of 4.24%

I would take the 3.5% quick.

Peelerfart

Go to agree with the comments above. 3.5% sounds OK to me but keep your eyes and ears open, and check to see how bad your credit history really is, if you haven't checked it recently(unless you already know of course).

Alias_Omega

we fixed at 6.02% for 5 years before the rates fell.

so 3.5% is pretty good..