Changing to an exisiting rate with existing mortgage provider

Miss_J

I'm due to accept an offer from the Halifax for a new fixed rate on my mortgage that I have with them.

Just wondering if they do a new credit check when they change to a new rate on your mortgage. My credit rating is good but my hubby has started a new business this year and due to cash flow has had a few late payments this year. Is this likely to affect the 2.79% rate they have offered us?

holly_hobby

Worry not, unless there is a further advance involved, no status checks for a product transfer - they will just switch you over and charge you the product fee.

Hope this helps put your mind at rest

Holly

Miss_J

Thanks for that Holly. I would like to release equity in a couple of years time, when hopefully his business is up and runnning and running at a healthy profit, my salary (32K) more than covers the payments (57K mortgage) but because he is on the mortgage the obviously always credit check him too, only been a problem this year with him setting up a business. At least I can rest assured I'll be saving money over the next year, my fixed rate is changing from 6.55% to 2.79%, yay.

Thanks again.

holly_hobby

Sounds like a plan ... good luck with your Hubby's new business too .. !!

Holly