Halifax mortgage payment breaks

Rich67_2

Hello all,

Has anyone ever taken one of these?

I just phoned up Halifax who said I need 80% equity which is fine I have around 70% the only thing is that I would need to get a valuation from them for £128

They will not accept local estate agents valuations which I think is strange.


Any body had problems with this before just seems like thy are being greedy

kingstreet

You mean you have a loan to value of upto 80%, or equity of 20%+ in the property.

The lender requires an up to date valuation by a professionally qualified RICS chartered surveyor, not by an unqualified estate agency lister. The fee is very reasonable for what is being undertaken - a visit with a an internal inspection.

I take it the computer-based desktop valuation system didn't give you a high enough value for that to be used?

One other thing. Payment holidays can be recorded on your credit file as arrears if you haven't built up a store of overpayments. I'm not sure what Halifax do. Hopefully one of the others will be able to clarify if this will impact your credit file.

Thrugelmir

Rich67 wrote: »

Any body had problems with this before just seems like thy are being greedy

Just being cautious. As they have no idea as to the condition of the property. Sensible lending practice.

opinions4u

Would you be better rebudgeting rather than borrowing?

At present you want to borrow an amount equal to a handful of mortgage payments. There must be a better way of freeing up this cash.