Halifax mortgages - existing customer rates

lics

I have a mortgage with Halifax and fixed rate will expire soon, and I'm stuck with them, don't ask why I just can't remortgage with other lenders, so I need to switch to another deal with Halifax. Do they offer lower interest rates to those who have a current account with them? Or a credit card? So in other words preferential rates to their customers like, for instance Barclays does? Thanks!

Thrugelmir

The rates offered will depend on your LTV. As calculated by the Halifax. There's no retention discount as an existing customer.

lics

Thank you, that helps! Fingers crossed I'm at 75%... their valuators are not very generous.

kingstreet

It is possible their valuation and your will be different. If so, you have the option of paying for a drive-by (£80) or internal inspection (£130) for a product transfer.

Search such rates on the lender's website and see the variation for different LTVs and no, you don't get better rates for current accounts, credit cards etc.

opinions4u

lics wrote: »

I have a mortgage with Halifax and fixed rate will expire soon, and I'm stuck with them, don't ask why I just can't remortgage with other lenders, so I need to switch to another deal with Halifax. Do they offer lower interest rates to those who have a current account with them? Or a credit card? So in other words preferential rates to their customers like, for instance Barclays does? Thanks!

They list their available rates on their web site.

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

In the past they've offered preferential deals to current account customers, but everybody seems to get the same today.

amnblog

Note how generous the loan to value renges are on these products for existing mortgagees. You are therefore unlikely to have an issue with the value.

lics

Thanks, the thing is I'm near the 75% mark... the ranges are 60-75%, 75-80%. So right now it's 2.99% vs 3.64% for the 4-yr deals that I'm considering.

When do I approach them to switch, is there an optimal timeframe? Can I do it over the phone or do I have to go in branch?

kingstreet

Branch or phone and within one month of the expiry of current deal. As I said, if you are doubtful about the valuation, think about paying for a physical inspection - internal if you've done stuff the surveyor won't be able to see on a drive-by.

lics

Thank you, not sure if internal inspection would help that much, since I bought the flat I 'only' installed hardwood floors and changed heating system (boiler and radiators). Kitchen and bathroom look very good but they're not brand new.

So the process goes like this? - I call Halifax, they make an offer based on their valuation then if I'm not happy with the LTV I can ask Halifax to do an internal valuation?

Or should I just tell them upfront that I'd like an internal valuation?

kingstreet

They'll tell you the indexed valuation when you call and you can then decide if it's worth paying the extra.

Most who have done this have said the indexed value is always lower than their expectation. Just make sure you search here;-

http://www.rightmove.co.uk/house-prices.html/svr/2712;jsessionid=0D04815DE3763B29BE6B4ECD6FEB9DF2

for the sale of comparable properties sold within 0.5m in the last 120 days as these are the examples surveyors use to justify their valuation.

lics

Thank you, yes I know the indexed value will be lower but the question is how much lower There is so much variation in 2-br flats prices in my area, and nothing sold in my building since I bought.