Halifax Mortgage

opinions4u

One of the members of this forum is ex-HBoS and he may be able to see the specific issue you face here

Eek. But does this one have a familiarity with post-Credit Crunch lending criteria?

As I see it you are struggling on a number of counts:

1) They will lend no more than 80% of property value on an additional advance.
2) You will need to pay for a revaluation. Valuer's are usually more conservative than owners. If it values down, you could be scuppered.
3) The loan is for consolidation purposes. Lenders are reluctant to take on the debt of competitors these days.
4) Assessment of income during maternity leave (I have no idea how they consider this in the LBG world).
5) The 6 month rule.
6) The £5k minimum loan amount.

£80k x 80% = £64k. Balance = £60k. No equity there for a minimum loan of £5k.

The idea of spreading your previous credit card psending over 25 years or whatever the term is sounds bonkers. Do some serious thinking about how you can use your current income to pay down the debts ahead of maternity leave, and set enough money aside to see you through the inevitable drop in income.

prone2accidents

We have sat down and thought that Just having one card to pay would be a lot easier than 2.

We are living well, Mortgage payments are only £401 per month and in total £800 with all other bills. We live within our means and are careful but had a plan to not take too much equity out of the house and live in debt.

The six month period is up.

xyellowx

op- halifax will be worried you clear the cards then re-spend on them , if you had asked for the cash to be spent on double glazing small extension etc

also im with halifax and the market value they use for properties is way below the giong rate in my area

prone2accidents

Is it worth moving the mortgage so soon after taking it out with them?

It's a fixed rate for 2 years.

Any advice???

opinions4u

prone2accidents wrote: »

Is it worth moving the mortgage so soon after taking it out with them?

It's a fixed rate for 2 years.

Any advice???

How much are the ERCs (early repayment charges)?

This could scupper you, or at least make it a financially pointless exercise.

prone2accidents

I was thinking that, i'm hoping the mortgage adviser can assist us more.

We got the feeling that she had her commission from the original mortgage and was happy to wave us bye bye for now.

Thrugelmir

prone2accidents wrote: »

I was thinking that, i'm hoping the mortgage adviser can assist us more.

We got the feeling that she had her commission from the original mortgage and was happy to wave us bye bye for now.

Then you need to realise that lenders attitude to debt consolidation has changed considerably since the credit crunch. The days of spending and accumulating unsecured debt. Then refinancing by withdrawing equity from property are over.

You appear to afford the mortgage comfortably. So not unreasonable for the lender to expect you to be able to repay the unsecured debt yourselves.