Halifax customer retention deals

geewhiz

My fixed rate mortgage with the Halifax ended over a year ago so I've been on their standard rate for a while now.

Looking around for deals the Co Op 5 year fixed looks like it's the best deal just now.

House is worth £250,000 with o/s mortgage currently £70,000 but I'd like to remortgage for £90,000 over 15 years to do some home improvements.

According to the Halifax website the best rate is 3.64% fixed for 5 years with no fee so £650 p/m with £38,976 cost over 5 years.

Co Op deal would be 2.79% fixed for 5 years with £999 fee so £612 p/m with £37,747 cost over 5 years.

So my question is it worth speaking to the Halifax, will they offer any better deals to stay with them or am I restricted to their website offers?

Also, would there be any other costs involved to leave them, I've not moved lenders before so not even sure if I have to tell them or if the Co Op would do all that for me?

Thanks

kingstreet

Are you looking at product transfers for existing borrowers? I didn't think they were published on the website?

You aren't looking at remortgage offers are you? They are for borrowers of other lenders looking to move to Halifax.

You may need to ring them for product transfer offers. These are based on a desktop indexed valuation of your property, so you may find you could get a better rate by paying for a drive-by or inspection by a surveyor.

Jimbo1976

Halifax will charge you a "exit fee" which should have been disclosed on your original offer/KFI documents so it is worth having a look at these.

Normally you would need to pay for the cost of a valuation and conveyancing but Co Ops website says it pays these for remortgages.

You don't need to tell Halifax you are leaving. The conveyancer will request a redemption figure from the Halifax and it will realise that you are going at that point.

Co Op may ask you to outline (and possibly supply evidence) of the home improvements you intend to do, but your loan to value is low.

kingstreet

Leaving Halifax would cost you the £245 mortgage account fee, or whatever discharge fee you agreed to when you applied for the last offer you had.

Crossed with jimbo's post.

kingstreet

Just had a quick look.

Halifax is publishing its product transfer rates online now.

Sorry.

geewhiz

kingstreet wrote: »

Are you looking at product transfers for existing borrowers? I didn't think they were published on the website?

You aren't looking at remortgage offers are you? They are for borrowers of other lenders looking to move to Halifax.

You may need to ring them for product transfer offers. These are based on a desktop indexed valuation of your property, so you may find you could get a better rate by paying for a drive-by or inspection by a surveyor.

Yes I'm using them, the rate is actually better for customers of other lenders moving to them which isn't great if they want to keep me!

EMac_2

Also, when looking at product transfer deals its worth finding out what Halifax indexed valuation they are applying to your property. They can be a bit mean sometimes and this can push you into a higher LTV rate or you need to pay to appeal the valuation. Best of luck

kingstreet

EMac wrote: »

Also, when looking at product transfer deals its worth finding out what Halifax indexed valuation they are applying to your property. They can be a bit mean sometimes and this can push you into a higher LTV rate or you need to pay to appeal the valuation. Best of luck

... or pay for the drive-by, or internal inspection, I mentioned in post #2?

EMac_2

kingstreet wrote: »

... or pay for the drive-by, or internal inspection, I mentioned in post #2?

Yep, precisely, or find a new re-mo lender with free valuation etc. Decisions Decisions

Jimbo1976

Going from £70k to £90k on a property worth £250k is taking the LTV to 36% so I would be surprised if the index isn't sufficient.

EMac_2

Jimbo1976 wrote: »

Going from £70k to £90k on a property worth £250k is taking the LTV to 36% so I would be surprised if the index isn't sufficient.

Fair point Jimbo