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Has Halifax just increased their interest rates?
MoHunter
Posts: 27 Forumite
Just a little rant... When we made our mortgage application 2 weeks ago with our mortgage broker, I am sure the mortgage interest rate we were quoted (Halifax) was 3.84% for 2 year fixed (no product fee), with stamp duty paid by Halifax.
Now the offer has come through the interest rate states 4.04%, and checking on the Halifax website it seems that the interest rates on their rates table are also higher than when I checked these weeks ago.
Bit annoyed as we expected 3.84% which would have been better over the 2 years than the Nationwide deal our mortgage broker discussed as an alternative. Yes I realize Halifax can change their rate at any time and I assume this was only changed very recently, perhaps even after our application was sent out? Now that we paid survey costs etc there is no point to try and change for Nationwide so we'll have to go with Halifax at this point. Other than the rate we were happy with the speed of processing etc so trying to stay positive.
Any brokers know if this was a recent change??
Now the offer has come through the interest rate states 4.04%, and checking on the Halifax website it seems that the interest rates on their rates table are also higher than when I checked these weeks ago.
Bit annoyed as we expected 3.84% which would have been better over the 2 years than the Nationwide deal our mortgage broker discussed as an alternative. Yes I realize Halifax can change their rate at any time and I assume this was only changed very recently, perhaps even after our application was sent out? Now that we paid survey costs etc there is no point to try and change for Nationwide so we'll have to go with Halifax at this point. Other than the rate we were happy with the speed of processing etc so trying to stay positive.
Any brokers know if this was a recent change??
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Comments
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I can't be sure when Halifax changed their rate but the rate that YOU get should be the one you applied for.
When the application is submitted it is on a specific mortgage product, so the only way that the offer can be different is if your broker has applied for the wrong product or Halifax has made a mistake.
Lenders change rates very quickly and it is possible that the rate you discussed with your broker had been pulled by the lender before it could be applied for. In that case though the broker has to give you a new KFI with details of the new deal before submitting an application.
Ask your broker to confirm what has happened.0 -
Halifax has withdrawn Stamp Duty incentive from all products w.e.f. 7th May 2014.0
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Leon - thanks, have tried to get in touch with the broker but not been able to reach him yet. Will see what he says...
ComputeAngel - luckily our application went through in time and we still got the stamp duty offer, this is also confirmed in the mortgage offer letter from Halifax. However it was supposed to be 3.84% interest plus stamp duty paid, not 4.04% plus stamp duty...0 -
ComputeAngel wrote: »Halifax has withdrawn Stamp Duty incentive from all products w.e.f. 7th May 2014.
Although they are now offering £500 cash back for FTB's...0 -
One for your broker to answer. Not everyone else who do not know what has gone on.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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