Halifax mortgage question

spoony77

Hi there
Do the Halifax make any charge to reduce the term on your mortgage?
Also do they tell you before you commit to the new duration how much your new payment will be?
Regards

R_P_W

Of course they tell you!

Thrugelmir

Yes, there'll be a charge.

Unless you take a fixed term product then the monthly repayment is subject to change.

There's always the option of leaving the term as is. Then making overpayments as and when. This allows you maximum flexibilty.

spoony77

How much is the charge likely to be cant find anywhere on the halifax website that tells you?

_Andy_

spoony77 wrote: »

How much is the charge likely to be cant find anywhere on the halifax website that tells you?

Have you rung them and asked?

StuC75

Such fees would normally be stated on your mortgage statement.

Would it not be easier to see if you can just make overplayments - and what restrictions there may be..

That way there is no commitment to the higher payment that the shorter term would bring..

sKiTz-0

I think I read somewhere on here last week that there is an admin charge of £50. I'm looking to knock 6 years off my mortgage when I come to the end of my 2 year fix next month. Partly as I am limited to 10% overpayments if I fix for 5 years and I wanted to balance affordability with being under the 10%. Bit complicated so I won't go into it, but yeah £50 IIRC.

I'll let you know if the mortgage advisor call I asked for last week ever materialises!

Simon_gloster

It's free since they went onto the new system.