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Switching mortgage

buzi
buzi Posts: 139 Forumite
in Mortgages & endowments
Hi, is it possible to switch from one fixed rate to another with same mortgage company (halifax) without incurring charges?

thanks

Comments

  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    No it wouldn't.
  • kingstreet
    kingstreet Posts: 39,315 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Not normally, no.

    I take it this is an existing mortgage and not an offer you wish to change to a new product before completion?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • buzi
    buzi Posts: 139 Forumite
    kingstreet wrote: »
    Not normally, no.

    I take it this is an existing mortgage and not an offer you wish to change to a new product before completion?
    yes its an existing mortgage
  • kingstreet
    kingstreet Posts: 39,315 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Halifax will allow you to pay any early repayment penalties and switch to a new deal.

    Nationwide is a lender which will not allow you to do this. You can pay the ERP, but only on your way to another lender.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Goldiegirl
    Goldiegirl Posts: 8,806 Forumite
    Part of the Furniture 1,000 Posts Rampant Recycler Hung up my suit!
    kingstreet wrote: »
    Halifax will allow you to pay any early repayment penalties and switch to a new deal.

    .

    I worked at the Halifax up until three years ago. If a customer wished to pay the appropriate exit penalties for their current rate, they could switch to a new product

    Considering that some of the early repayment fees are pretty hefty, it'd have to be a very attractive new rate to switch to
    Early retired - 18th December 2014
    If your dreams don't scare you, they're not big enough
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