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Mortgage advice - ditch or not?
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davesdonkt
Posts: 13 Forumite
Hi all
I am currently with Halifax on a fixed deal which ends this November. They sent a letter through the post advising us we would automatically go onto their svr (currently 3.99%) but could switch to one of their other deals if wanted.
We are in a dmp with many years left to run - can we switch to another deal with same provider? Can we switch providers?
Mortgage at the moment is on a 6.29% rate which is the rate we were lumbered with when we bought our first house (first time buyers with gifted deposit, naively believed anything we were told, when moved house ported the mortgage)
As of today balance is £105,592, monthly cost £620
I would love to get this cheaper!
Any advice?
I am currently with Halifax on a fixed deal which ends this November. They sent a letter through the post advising us we would automatically go onto their svr (currently 3.99%) but could switch to one of their other deals if wanted.
We are in a dmp with many years left to run - can we switch to another deal with same provider? Can we switch providers?
Mortgage at the moment is on a 6.29% rate which is the rate we were lumbered with when we bought our first house (first time buyers with gifted deposit, naively believed anything we were told, when moved house ported the mortgage)
As of today balance is £105,592, monthly cost £620
I would love to get this cheaper!
Any advice?
0
Comments
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If you're in a DMP you'll have to stick with whatever The Halifax can offer you. You wont be able to switch to another lender any time soon and even if you have to stay on Halifax's SVR you should be quite a bit better off per month.0
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Moving to a new lender is unlikely to be possible.
A retention deal from your current lender is more likely to be possible. No further credit checks are done, but affordability checks are now normal when going via branch/phone.
Online product transfers are still "execution-only" as far as I know.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
In a DMP you are going to be stuck with halifax. There is 1 or 2 lenders who would consider you but rates will be higher than 3.99% so its not worth switching.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, 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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The SVR as it stands would allow you to accelerate payments under the DMP.0
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