Mortgage deal coming to an end - advice on what to do next

namedoesntfi

Almost 2 years ago I obtained a 2 year fixed rate mortgage as a first time buyer with Halifax. With an interest rate of 5.99%.

I have two main queries really...

1. Should I expect to be able to find a mortgage with an interest rate of 3.99% now? It seems most mortgage deals are around that rate.

2. I want to be able to make large overpayments, potentially around £50,000 over a period of 3 years. Are there any mortgage deals that allow you to do this? Does anyone have any advice for me in that area? Perhaps mortgage overpayment isn't my best option.


Thanks

Tillytwopaws

Look at a product transfer deal with Halifax. Either go through the affordability review and have a product recommended to you or you should be able to do an online, execution only PT. If you are able to do an online PT, you would be offered products according to your LTV.

3.99% is the standard variable rate with the Halifax at the moment.

With regard to overpayments, you would be limited to overpaying by 10% of your outstanding mortgage balance in one year so it would depend on the size of your mortgage whether your planned overpayment would be possible.

dimbo61

Check if you are going on the SVR of 3.99%
Now once on the SVR you can make unlimited overpayments.
See what Halifax think your property is now worth and how much cash you would need to pay down to get too the next LTV ie 80/75%
This depends on size of mortgage and equity in property

Tillytwopaws

Ask what Halifax have your property valued at. If you disagree and can meet their criteria for a reval then it will be done at their cost. It would only be a driveby val not a full valuation. The valuation figure received is the figure that will be used going forward even if it comes back lower! You will not be able to contest it.