Mortgage concern

Newby1974

Hi all,


Brand new to the site but hoping someone can help me. I'm soon to renew my fixed term mortgage and want to get another fixed term. My question is can my lender (Halifax) say no to this (I'm presuming they can as my bank statements don't make for great reading for June and July), if they do say no what happens? I just get offered their SVR? Or can they dump me altogether?


Mortgage paid on time every month, no credit card, PDL's or other debt bar my arrange OD.

kingstreet

You will roll onto your mortgage's follow-on rate probably standard variable rate, currently 3.99%.

You should be able to choose another product online, ready for when the current one ends.

If you attempt to do this over the phone, or via a branch the new affordability rules will kick-in and you'll have to produce payslips.

They cannot tell you to go, nor repossess you home. The worst they can do is leave you on SVR, 3.99% or whatever your follow-on rate is.

Newby1974

So I'm completely getting my knickers in a twist and all they may do is just advise that they can't help us at this time?


Presumably we can reapply further down the line when my statements do not present as much of an issue?

kingstreet

Yes. Worst case is you remain on follow-on rate, probably 3.99%.

They do not ask for bank statements.

Choose to do it online and there is no check, so no possible problem with the change.

Newby1974

Thanks Kingstreet, totally helpful and what I needed to hear before leaving work for the day. Appointment is next week and then am on holiday the following week so hopefully get something sorted so that I can relax on the beach.
Cheers

JustinR1979

I've just done the same online, is easy enough

amnblog

Or you can have a broker handle the switch for you.

Newby1974

Thanks guys. I think we'll end up going into the branch which is fine. I was just worried that as soon as I stepped through the door it'd be game over! I was thinking the usual stuff which I imagine everybody panics about in situations like this. They'd take the keys off us, repossess our house, tell us we needed to find another lender etc etc.

amnblog

Why are you talking about going in to a branch when that is the exact opposite of the suggested approach from myself and KS?

Newby1974

My OH refuses to do things like this online and likes to get the advise from a person. I have to respect that and go with it, I am aware that the situation is my own stupid error so I can't really argue. She wants to go in and see what's available and go from there with the decision. I'd do online but I think all things being said, with my stupidity being the cause I can only go and see what we get offered there first. I have only been asked to supply wage slips for this meeting so I guess it can't harm going?

JustinR1979

You are opening a can of worms that will only lead to a lot of unnecessary hassle and worry. I nearly did, but took advice from people on here and did it online.
You can renew online, or start affordability etc and maybe end up not getting another term.