HALIFAX MORTGAGE...why would i NOT fix...

opinions4u

Two year deals were designed by the market for the market.

Lenders liked them because it got customers back in front of them every 2 years and new opportunities to flog them other products arose.

Brokers liked them because, in a rising market, if gave them a great chance to earn another commission for placing the same debt elsewhere.

Customers also liked them because, in the main, they seemed cheap.

If interest rates had gone up there was great potential to argue that this market works against the better interests of customers.

james3333

jonnyfgood wrote: »

I'm in a similar boat to you James, been on the Halifax SVR for over a year now but after the recent announcement, now considering a switch.

Like you, am a bit reticent about changing mortgage provider due to considerations like valuations, legal fees, income proof, deed transference, hidden fees for switching provider, etc...

Therefore I've been looking at what Halifax have to offer. All the experts suggest no base rate rise for at least two years so the tracker looks the best option, however the product fee is a min of 1k and the rate is a fraction below 3% for two years.

Fixed deals seem to be better, and as my LTV is around 30%, I can get 3.49% for two years with no fee. As least It means my monthly payment won't rise on 1st May.

The man from Halifax is ringing me tonight!

excellent, thanks for that info..... let us know how you get on tonight when he rings you by replying on this post. 3.49% is great i think, it aint going to get any cheaper really is it.

jonnyfgood

james3333 wrote: »

excellent, thanks for that info..... let us know how you get on tonight when he rings you by replying on this post. 3.49% is great i think, it aint going to get any cheaper really is it.

According to my quick calculations your LTV falls in the 60-75% category which entitles you to a rate of 3.74% fixed for 2 years with no fee.

I will let you know how I get on, because i will also ask the Halifax rep to confirm that they don't do fee free trackers.

jonnyfgood

Just done the deal, took about 10 minutes in total.

3.49% fixed from 1 May 2012 for 2 years, no fee.

I checked about tracker mortgages, the ones I mentioned above apply to new customers or first time buyers, existing customers cannot get a tracker mortgage from Halifax.

dollyjones

is total motgage protection the same as a ppi or am i being thick:)

Morgage_Confused

Is that really a good deal?
3.49% fixed from 1 May 2012 for 2 years, no fee.

there are 5 year fixes lower than that.

Some might not like the 5 year deals as circumstances change but in this financial environment the interest rates are only going to go one way.

what happens after two years if interest rates have gone up again? a product fee and a higher rate.

im on a tracker(2.18 plus base) and im desperate for my tie in period to end(12 months to go) so i have the option to jump ship to a 5 year deal.

jonnyfgood

Morgage_Confused wrote: »

Is that really a good deal?
3.49% fixed from 1 May 2012 for 2 years, no fee.

there are 5 year fixes lower than that.

Some might not like the 5 year deals as circumstances change but in this financial environment the interest rates are only going to go one way.

what happens after two years if interest rates have gone up again? a product fee and a higher rate.

im on a tracker(2.18 plus base) and im desperate for my tie in period to end(12 months to go) so i have the option to jump ship to a 5 year deal.

It isn't a great deal but its a hassle free fee free deal and it keeps me on the same monthly payment as i'm on now guaranteed for another two years irrespective of what building societies decide to do with their SVRs.

After all if Halifax hadn't decided to raise their SVR i would have carried on happily at 3.5% for the foreseeable future.

Simon_gloster

Az opinions4u statex, Halifax are doing this for a reason. They want people off SVR onto othef deals or remortgage so they dont have to borrow as much.

Oportunities arise for their staff to x sell other products. They are not stupid at LBG irrespective of whatvthe nation thinks out them.

Will TMB, BM, BOS all follow suit in some way shape or form? Who knows.

All we know is thr C&G brand SVR seems to be the only one they have cannot hike up.

puregeordie

I'm in the same boat, got a halifax mortgage and have around 35% LTV and overpaying and paying lump sums of over my 7.7 years left.

What concerns me is the erly repayment charges so I think I will stick to their SVR at 3.99% or am I being stupid:( I'm not sure.

I have 42.5k left on my mortgage on a £140k house.
My contractual payments are £404 but overpaying £100 per month paying £504 at the mo.

Was looking at the one from HSBC no fees or tie ins, Lifetime tracket at 2.06% above the BOE rate, giving 2.6%. You guys not thinking about this? Or as you say you can't be bothered with the hassle and having the possibility of paying valuation and solicitor fees etc..It does say fee free though!

My main thing is that I can walk into a Halifax and pay off as much as I like when I like, and overpay without the worries of charges. That's my main gripe.

Decisions decisions and all that:)

jonnyfgood

I did see that lifetime tracker deal from HSBC, and on the face it does look a good deal especially if you haven't got long left to go on your mortgage term.

I suppose at the end of the day everyone's personal circumstances and expectations are different, and that governs what deal you end up opting for.