New mortgage deal halifax

tp1234

Hi

My partner and I bought our first house in June 2012 on a two year fixed rate with Halifax, so we will be looking for a new fixed rate deal around May/June 2014.

My question is if choose to switch to a new fixed rate, will Halifax go through the affordability process etc again? Or will they just apply a new rate and give us the new monthly payment figure?

We used a broker for our mortgage, if we switched deal at the end of the fixed rate we don't need to use the broker again do we?

I think we should be looking at 80% LTV, what are our options if say Halifax value it at 81-82% LTV therefore missing out on better rate, is it arguable? Can we pay for valuation etc?


Thanks for any help

ChopperST

If you are not asking for any more borrowing and aren't switching lenders then you will not need to go through affordability checks again.

If you feel confident finding the best deal yourself then no you dont need to use a broker.

If you suspect your house has gone up in value (improvements etc.) then yes you will need to pay for a revaluation.

kingstreet

Option 1

Product transfer from Halifax. Do direct or via broker. No further status checks. Rate will be based on Halifax automated valuation model, or you can pay for drive-by (£80) or internal (£130) if you think you'd get a better value and hence lower rate by doing so.

Option 2

Remortgage to another lender. Get a whole new mortgage from another lender and repay Halifax. Make sure you factor-in any costs to make sure you are saving enough to make it worthwhile. New status checks required. Can do direct with lender or via broker.

tp1234

Thank you both for you answers, your help is much appreciated. As partner is will still be on maternity leave come may/june didn't want to struggle with securing a new fixed rate.

Useful to know we can pay for valuation especially as we will potentially be on the edge on 80% it may be very worth it!

Thanks

kingstreet

There are lenders happy to accept someone on maternity leave, subject to last payslip before leave, letter from borrower confirming return date and employer's reference confirming usual salary.

Just in case, like.