remortgaging, can I avoid commission ghouls?

jonf

Hi,
My partner and I have a mortgage with Halifax which still has 2 years on fixed term, we want to move house and I understand that we will need to reapply for a mortgage on the new property. When I call Halifax to ask how I initiate the move, like a bunch of decending vultures everyone I speak to wants to know if they are the first person I've talked to about this, they can obviously smell commission.
What is the best way to go about this remortgage, should I go through Halifax directly or through my original broker, can I avoid paying anyone commission at all?

Any insight or help would be much appreciated.

JF

homer_j_3

if you call the halifax and say that you want to exercise the right to "port" your mortgage to a new property. You should be able to do this direct. There are no commission vultures as you put it that you need to be afraid of doing it this way.

You just need to have an idea of what house value you are looking at for your move and all your income/expenditure details to hand. No need for a broker on this as far as I can see.

luckyfool

jonf wrote: »

Hi,
My partner and I have a mortgage with Halifax which still has 2 years on fixed term, we want to move house and I understand that we will need to reapply for a mortgage on the new property. When I call Halifax to ask how I initiate the move, like a bunch of decending vultures everyone I speak to wants to know if they are the first person I've talked to about this, they can obviously smell commission.
What is the best way to go about this remortgage, should I go through Halifax directly or through my original broker, can I avoid paying anyone commission at all?

Any insight or help would be much appreciated.

JF

If you want to "port" your mortgage with the Halifax (it would not be a remortgage as you are changing the property) then you can do that either through Halifax direct, through your original advisor, or through a completely different broker. The fact that Halifax would be paying a procuration fee to a broker, or otherwise paying salaries and overheads for branch staff would not effect the products you can access. You would be porting your existing mortgage product, and taking a new product for any borrowing over an above the current loan amount. The route you choose is purely down to personal preference as the costs to you are unlikely to vary.

Halifax do have an element of dual pricing in that they have a core range of products available to branch and brokers, but they also tend to have exclusive products running alongside some only available to the branch direct route and other only through brokers. 9 times out of ten it is the broker route that gets the thick end of that deal as broker exclusives from Halifax are much much more common than competitive branch only exclusives,

hope this helps

Luckyfool