Negotiating a better mortgage with Halifax

somethingcorporate

I agree with Alexlyne, if you are willing to pay the ERC why not just go to a broker and get the best deal on the market. You are hardly "negotiating" by paying the full fee to change on to one of their other standard deals.

How can you be sure a tracker would work out cheaper over 4 years? no guarantees on what any of the rates are doing for the next 12 months, let alone 4 years!

kingstreet

The point here is because you're a Halifax existing borrower, you won't be offered a product from the range available to new borrowers.

Chances are, you'll pay the ERP then face a transfer to a product not a lot better than what you've already got. Don't forget if you got a crap rate due to a high loan to value last year you aren't going to get a better one unless your loan to value has dropped in that period.

You are more likely to find you'll need to pay the ERP then transfer to another lender if they want to take on your mortgage - it will be subject to status, valuation, LTV etc.

AFAIK, Halifax doesn't publish its "retention products" to the public, but they are available to intermediaries. It has tracker products available only upto 75% for existing borrowers not moving home. 3.14% is the two year rate with no fee, 2.74% with a £999 fee. Lower rates apply at LTVs under 60%.

The best priced product on 90% is a two year fix at 4.19% with £999 fee.

alexlyne

out of interest kingstreet, do you have % for 3&5 yr fixes with 80 or 85%ltv? Saves me spending 20 minutes on the phone to them

fwiw, i usually either look at the new customer remortgage rates (which they publish), or use the intermediaries website to get a rule of thumb on how they compare to others. 4.19 for 90% looks a lot better than what I can see.

Thank you

kingstreet

alex - they don't have anything between 75% and 90%, so you're going to be on one of the less attractive deals. Remortgaging elsewhere probably means you'll fall onto an 80% or 85% product with another lender.

At 90%, the fixes are;-

3 year with fee 4.49% (£999)
3 year no fee 4.79% (£0)
4 year with fee 5.39% (£999)
4 year no fee 5.59% (£0)

No 5 year rates showing.

http://www.halifax-intermediaries.co.uk/products/mortgages/default.aspx?clientType=Product%20transfer%20-%20repayment%20or%20interest%20only

You need to use "product transfer - repayment or interest only" as your client type.

I'd give them a ring, just to makes ure there isn't anything else they keep hidden away.

centaurandrew

somethingcorporate wrote: »

How can you be sure a tracker would work out cheaper over 4 years? no guarantees on what any of the rates are doing for the next 12 months, let alone 4 years!

How can you be sure that it wouldn't?

I am not asking for your advice about trackers, I am asking if anyone has experience of negotiating a better deal with Halifax whilst a current customer.

If you haven't, please don't post.

I am aware of the pros and cons of a fix vs a tracker. I am aware of how to change my mortgage to another provider, I don't need advice about these things.

All I want to know is if anyone has phoned halifax and said "Ooh my rates a bit high, fancy lowering it? or I may go elsewhere".

If you haven't please do not reply.

Also if you have an opinion of what you think the halifax might do, again please don't reply.

alexlyne

way to alienate the forum dude
it's a public forum people will post what they like, whether you like it or not - free speech ftw!

centaurandrew

alexlyne wrote: »

way to alienate the forum dude
it's a public forum people will post what they like, whether you like it or not - free speech ftw!

Yes but it's all useless to me isn't it?

The thread topic is "Negotiating a better mortgage with Halifax". I then go on to ask "Does anyone have any experience of negotiating better rates with halifax? "

I would rather have no replies, so that I know no-one has done it, rather than people offering the standard forum advice from all angles (although thanks to kingstreet for the insider advice, that is at least helpful)

m00m00

opinions4u used to work for Halifax, he will know the system better than most. Not so useless to you now.

_Andy_

As has been stated you will not be able to 'negotiate' a better rate.

dimbo61

Good Luck and I hope you can find a better deal even after paying the ERC to Halifax.
lending has changed alot in the last 2/3 years and some borrowers cant even borrow their current debt amount from there existing lender.
It all depends on your LTV and if you can put down a bigger deposit/ more equity into the property