Remortgage/ product transfer

sorryitsme

Hi All

I am currently on a SVR with Halifax and contacted them about changing from interest only to repayment over a longer term.

My LTV is 50% and they went through my income over the phone.

What struck me as quite odd is they said sign the paperwork and attach 3 payslips and 3 months statements showing my tax credit entitlement. Then he went onto say if I don't sign the paperwork and send the documentation they will put me on that product anyway.

Is this just a case they want me off interest only- so sign up for it, and even if you don't we will put you on it anyway?

Any views are appreciated.

Thrugelmir

The lender cannot force you is my personal view. As you're not in breach of your contractual terms.

Forget about them wanting you off interest only. The real beneficiary is you. As at the end of the day you'll own the property. At the moment you are in effect renting the property. As interest rates rise you may well struggle to repay the debt is you don't start now.

the_matrix

I'd switch to repayment as you are sure to own the property in the long run.

sorryitsme

Thank you for your responses.

I definitely want to go onto repayment now as I am not getting any younger.

I was curious to them transferring me anyway to the new product, because doing the MMR and having to send in bank statements are they going to go over them with a fine tooth comb e.g sky package, meals out, what colour knickers etc. lol. Or just look for income and that's it, as they are going to put me on the product anyway?

sorryitsme

Hi All,

I have just realised before sending my payslips and bank statements that I overestimated my salary by £1000. This error was due to me gaining a promotion but not being entitled to go up an increment in April/May due to starting the new role in November (less than 6 months). Will this cause a major issue as I am starting to panic now? :sad:

Also they did say before if I didn't respond or send anything in they would switch my product anyway, so should I just do nothing?

TIA

sorryitsme

bump please

sorryitsme

I called Halifax today to check they had my documentation and was informed everything is set up on their system to start next month.

I am really happy as I was scared it wouldn't go through due to MMR and that my tax credit and child benefit had to be included.

I really don't know if the fact my property had 180k equity helped them push it through (even though it went to underwriters).

Whatever the case its great news for me.:j