Halifax - Short And Curlies!!

indian_jalepeno

Hi all just come off the phone with the Halifax after a mammoth re mortgage review. Bimey!!

It started like this - Hi, would like a review of my mortgage and would like to increase the amount borrowed when I remortgage. I was asking for an additional 8k. But only as a total sum once my existing fixed offer ends with them. Have 126k - want to remortgage for 134k. But, silly me. They just interpreted that as additional borrowing on my existing loan and this would incur an additional fee of £299. Now hang on I thought, if I was a brand new customer asking for the same figure they would not add on this addtional fee, so why me??
I dont know whether it was me in my explanation of looking to Re Mortgage but as far as they are concerned, yes, I can remortgage (change my existing product) to a new product but still incur the addional fee based on a previous mortgage product I have with them. Why couldn't they just give me an over the phone brand new mortgage quote???

Is this correct or did I just get the U/T mortgage ill advisor??

Wouldnt mind but at the end of it all they could only offer me a whopping 5.4% 2 year tracker deal:eek: with a £599 back pocket fee:eek: :eek:


Ta for any advise

I J (remortgage virgin)

Fairdo_2

Unfortunately, this is not unusual. They will be happy to oblige and take more money from you, but they will count it as a new transaction and charge you a fee for the benefit.

In essence, they could charge you for the "Product Transfer" and they could also charge you for the "Further Advance" additional borrowing. However, out of the goodness of their hearts, they would be likely only to charge you once for both transactions!

The other choice you have would be to look elsewhere for the complete Remortgage, but you may undergo charges for this anyway.

I would suggest you speak to a local trustworthy Whole of Market Broker and ask them for suggestions on what may be best.

indian_jalepeno

Thanks, have booked one for this Thurs so hopes i'll get a good offer elsewhere. Wasn't overly optimistic about staying with the Halifax TBH, I was only with them initially because they were the only ones who would do a fixed 'stretched' deal 3 years ago.
I'll be happy if I can get close to 4.79 for 3-5 years at least..

TVM

I J

regularsaver1

You will always be charged a further advance fee of £299 regardless. If you borrow £2000 or £100k additional borrowing this £299 fee is charged. This is not unusual of any lender I'm afraid

You are not doing a remortgage (not moving lender) -you are doing a further advance with product transfer if you stay with halifax

if you leave Halifax you are remortgaging. Make sure you account for the £175 early discharge fee and £50 deeds (if they hold them) dispatch fee should you leave to remortgage elsewhere , when making a comparison

You will not receive advice from Halifax - but good news is that brokers can do further advances and product transfers for existing halifax customers and they get the same fee from halifax as though they were bringing a new customer in - meaning you will get advice. They have to look at existing lender when looking at new deal so ask them when having a look around with your broker

regularsaver1

Fairdo wrote:

In essence, they could charge you for the "Product Transfer" and they could also charge you for the "Further Advance" additional borrowing. However, out of the goodness of their hearts, they would be likely only to charge you once for both transactions!
QUOTE]

They can and do charge you for both if you take a product that has an arrangement fee. and then if you borrow more money you will be charged the further advance fee of £299

payless

A good broker with even assist if its best ( or only option) to stay with Halifax

in fact some have a deal

Further advance fee of £299 WAIVED after completion for customers taking a further advance and product transfer!

regularsaver1

that be a broker only deal

indian_jalepeno

TVM for info. Had a chat with broker today and she agreed Halifax was way to high. Didn't know about the deeds fee, so thanks for that one. Apart from any other fees, it looks like its just one of those things I suppose. But as my Halifax fix ends 31 Jan 07 would I still incur £175 fees once I started a new one elsewhere the following day? Or is it that the £175 fee is anytime over the 25 year term?

Nationwide looks a winner ATM, tempted by that Woolwich 10 year bad boy and Brittania is coming a close third - Looking for that good 3-5 year fixed, but after reading the paper (another housing crash theory/interest rate prediction) a tracker sounds good too - and that was from a B of E source!

Two weeks holiday left to get a guddun

Ta

I J

regularsaver1

£175 easrly discharge fee is anytime during your 25 year term