switching online with Halifax- affordability?

Bloomfield53

My current deal ends in August. The Halifax let me apply to switch on line which I have done. I have LTV of 54.5% according to the online application. Will they do affordability ? If they do I don't think I'll pass ! Had mortgage for over 10 years. Never missed a payment. Will be paid off aged 54. But.....I have unsecured debt now ( all being paid on time). So should I expect to be told tough.. You can't afford this cheaper mortgage and I have to go on SVR.. Ludicrous :-). The new deal is £50 a month less than I am paying now. Not heard either way yet. Did the online thing 3 days ago. Starting to wish I'd not bothered asking.

Thrugelmir

Bloomfield53 wrote: »

Starting to wish I'd not bothered asking.

If it enables you to pay £50 off other debts then worth the application

Tillytwopaws

The online product transfer is an execution only service so no affordability will be done. You should have received a confirmation email after you did the online PT. Have you received it?

Bloomfield53

Just to add. I'm not borrowing anymore or changing length of term.

Bloomfield53

Yes I had confirmation they received it. Nothing else yet

Tillytwopaws

There should be some docs on their way to you then.

Bloomfield53

I hope so !

Tillytwopaws

Give it a few days :-)

Thrugelmir

Tillytwopaws wrote: »

The online product transfer is an execution only service so no affordability will be done.

No vetting at all?

Bloomfield53

I am presuming if you are an existing customer not wanting to borrow more or change term have a decent LTV and have a history of always paying and no arrears, then they let the online execution only go ahead. I may be wrong but I know when I looked a month ago when it was too early to switch, it wouldn't let me go any further online. Once it got to the point where there would be no early charges it calculated my LTV instantly and gave me 2 deals to pick from.... Saying all that, I will still be concerned until it's gone through !

mac2008

I can confirm that no further checks were done when I switched deals with Halifax - the paperwork arrived with confirmation of the new product etc in about a week and when I logged into online banking a few days after it had started the new details and monthly payment were there. So dont be concerned either if online banking has your old monthly payment the day before it is due to come out - it does sort itself out!


It is also pretty impressive that there are zero fees for this. Even though a 4 year fix at 3.19% is not the very best out there it worked out as pretty good deal for me and zero hassle.

Enjoy the extra £600 a year