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

james3333

jonnyfgood wrote: »

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.

!!!!!!, just spoken to them and the best they can offer me is 4.39% DAMN.....if they had offered me 3.49% i would have bitten their arm off, for ease, no fee and security. so decided to stay on the SVR and see it go up to 3.99%:mad:

jonnyfgood

The only consolation is that the base rate looks like it won't move for a while and Halifax will find it very hard to justify raising the SVR again, unless they want to further encourage people off the SVR and onto a deal.

The Halifax currently have something called a homeowner variable rate and come 1st May it will be at the same rate as the SVR. Does that mean they will amalgamate them both or drop one of them?

james3333

mmm...im a bit stuck with this one now, should i fix at 4.39% ( because i will be paying 3.99% anyway if i just leave it) and if the BoE put up the base rate by even 0.5% it will end up costing me more......?
help

EDIT : just seen this with YBS...
2 YEAR FIXED @2.89% until 30/06/14

any thoughts?

james3333

jeeez, just gone through the process of applying online and right at the end it says survey fee £395... do you always have to pay for survey fees when moving mortgage provider? ( never moved before)
thanks

james3333

can anyone advise?

puregeordie

james3333 wrote: »

can anyone advise?

James, you say you have to pay a fee? I thought it was fee free?

puregeordie

Mmm, a bit confusing!

If you re-mortgage then their is no valuation fee, but maybe a product fee.

If you change product then their is a valuation fee.
http://www.halifax-intermediaries.co.uk/products/mortgages/valuation_fees/default.aspx

This is another reason I guess to just stick with the SVR and take a we hit! as we may take a hit one way or other anyways.

re-mort
http://www.halifax.co.uk/mortgages/remortgage-fixed-60-75LTV.asp

change deal
http://www.halifax.co.uk/mortgages/existing-customers/switch-to-a-new-deal/

:think:

james3333

Yeh it's no few product but charging for a survey? Is this normal?

jonnyfgood

I believe it is. The building society you are switching to has to determine what your house is worth hence it employs a surveyor who charges them a fee.

Check also that there isn't a charge for legal fees aswell as it costs the building society in legal fees to lend you the money. They may be no product fee but there is always the chance of valuation and legal fees.

I guess its the reason why many people, like myself, don't jump ship.

Not to mention all the other hassles of deed transference, costs of closing down your current mortgage, home insurance etc....

money_maker_3

There would only be a valuation fee to change product if you wanted them to change the indexed valuation that they hold for your property. If the index is enough to get you the best rate, or you think it is accurate, then there would not be a revaluation. Also on their remportgages the valuation is fee free.