Not able to get a fixed rate mortgage

SLP_3

Hi,

I have just finished a 3 year fixed rate mortgage and went to obtain another one with Halifax however because the price of our house has gone down they would not offer us a fixed rate. I have been looking into interest rates and note on Martin's website that they could reach 8%.

Would anyone be able to let me know how long I should wait to try for a fixed rate again. I prefer fixed rate as I like the idea of knowing what is coming out of my account especially with the looming threat of interest rate rises.

Any help/advice you can give would be much appreciaited

beecher2

Keep an eye for deals for existing customers here

http://www.halifax.co.uk/mortgages/existing-customers/renew-your-deal/

Halifax are quite generous in offering fixed rates for customers with LTV of 95% - if yours is higher than this it means you'll need to overpay to get your outstanding balance down enough. You'll be going onto a deal of 3.5% and will have the ability to overpay as much as possible so do so while you can.

Find out how much Halifax estimate your house to be worth, work out how much 95% of that value is, and aim to get your balance down to this level.

Crinz

You will not get a fixed rate through the website but the 'up to 95%' deals should bee able to be applied to your mortgage in branch or on the phone.

You will still be offered fixed rate options but given the 3.5% variable rate and the fact that the fixed rates you will be looking at will be 6%+ then it might be an idea to sit on variable for a while and pay as if you had a 6% rate. Will bring your mortgage balance down very quickly

beecher2

Crinz wrote: »

You will not get a fixed rate through the website but the 'up to 95%' deals should bee able to be applied to your mortgage in branch or on the phone.

You will still be offered fixed rate options but given the 3.5% variable rate and the fact that the fixed rates you will be looking at will be 6%+ then it might be an idea to sit on variable for a while and pay as if you had a 6% rate. Will bring your mortgage balance down very quickly

The OP has been told by Halifax that he can't get a fixed rate - presumably his LTV is over 95% so he won't have any options.

james3333

im with halifax too and starting to get a bit jittery about being on the SVR... only just come off a 5.95% deal and really enjoying the free'd up cash.......
my house is worth about £130,000 and i owe £81,000....what is my LTV with this ( sorry for my naivety!) and what deals would i be offered from the above web link?

thanks

andys15

james3333 wrote: »

im with halifax too and starting to get a bit jittery about being on the SVR... only just come off a 5.95% deal and really enjoying the free'd up cash.......
my house is worth about £130,000 and i owe £81,000....what is my LTV with this ( sorry for my naivety!) and what deals would i be offered from the above web link?

thanks

Take 81000 from 131000 = 50000
then divide by 131000 and times 100 = 38%

trynsave

Wrong way round. The 38% is how much you have paid off. You have an LTV of 62%.

Crinz

beecher2 wrote: »

The OP has been told by Halifax that he can't get a fixed rate - presumably his LTV is over 95% so he won't have any options.

and given the fact I work for Halifax I will say that he does have options. I am not in work till friday but I will post the rates he would be eligable for if I know OP's ltv

beecher2

Crinz wrote: »

and given the fact I work for Halifax I will say that he does have options. I am not in work till friday but I will post the rates he would be eligable for if I know OP's ltv

ooh, touchy. I'd have to assume the fact that since the OP states that he went for another fixed rate but was refused means that he may not have the options you're so confident about, but what do I know - I dont' work for the Halifax

james3333

trynsave wrote: »

Wrong way round. The 38% is how much you have paid off. You have an LTV of 62%.

ahhh, i see.....not too bad then.
cheers.

luckyfool

Halifax actually offer (or at least they used to) their up to 95% product transfer rates to people with an ltv of up to 120%, so I suspect Crinz is right and there are actually fixed rates available to the OP.