Advice about HBOS fixed deal ending please?

louise*_2

So we are due to finish our 5 year fixed deal with HBOS soon and I wondered what our next step is?

Since getting the mortgage 5 years ago we hit some bad times and our credit rating is not what is was then...

So can we just stick with HBOS and go on their variable rate, does this mean our payment would go up or down?
Can we just fix again with HBOS or does this mean we would need to be credit checked again all over?
Lastly (and i think i know the answer already) can we shop around for a better deal or does this require us being squeaky clean?

Despite the bad times we never missed a single mortgage payment so if they only check that it looks fine?

amnblog

Whether or not they recheck your credit and income will depend on a number of factors on your current arrangement.


If you approach a good broker they can advise you on whether Halifax are likely to make new checks and also get a new rate for you with the Lender if appropriate.

louise*_2

Hi thanks for your reply
what factors do you mean?
how do i go about finding a good broker?
HBOS was our bank at the time so went with them for a mortgage and took their 5 year fixed deal so we didn't shop around or anything back then.

amnblog

Factors like your age, mortgage term, repayment strategy, and payment history.

louise*_2

Hi thanks again for replying

Joint mortgage myself and hubby
we are 33 & 36 and the mortgage term was 33 years when we took it out 5 years ago

balance now approx £83k with 28 years remaining
fixed rate we pay now is 5.49% payments are £476 per month
no missed payments in last 5 years but 2 payment holidays due to a car bill (we asked for 1 month they offered us 2)

As we have poor credit now can we just do nothing and go onto their rate?
What would this mean for our monthly repayments would they go up or down?

TBeckett100

With Halifax you can do a product transfer online (register for Internet banking) and choose a product. The 4 year fixed rate looks tempting.

As far as I know if you are not changing the term or amount borrowed, they don't credit score.

But tired of hearing brokers on here say "go to a broker" without helping much further. Mortgage leads are tight at the moment and grown men who are making a career out of dealing with mortgages when they should have progressed years ago, tout for business in here. have a go at switching for yourself. Early repayment charges are waived within 3 months if you are switching a product with them.

Also if the broker suggests a Halifax transfer, do it yourself. They will earn a proc fee for doing something you can do

kingstreet

TBeckett100 wrote: »

But tired of hearing brokers on here say "go to a broker" without helping much further. Mortgage leads are tight at the moment and grown men who are making a career out of dealing with mortgages when they should have progressed years ago, tout for business in here.

Please feel free to expand on and clarify your thoughts.

If you wish to consider your thanked post count against mine in five fewer years, feel free.

stator

If you do nothing you will be transferred onto their standard variable rate

Yorkie1

TBeckett100 wrote: »

But tired of hearing brokers on here say "go to a broker" without helping much further. Mortgage leads are tight at the moment and grown men who are making a career out of dealing with mortgages when they should have progressed years ago, tout for business in here. have a go at switching for yourself. Early repayment charges are waived within 3 months if you are switching a product with them.

Whilst there are just a couple of brokers on here whose posts are often as you describe, most of the brokers on here spend hours of their time responding patiently to people's questions.

For someone like the OP with a complex history, who is interested in finding out whether they can get a better deal elsewhere, a broker is almost certainly the right way to go because they could wreck their credit score simply by trying ad hoc solutions without knowing what is relevant to one lender but not another.

You are right to point out that an online product transfer without changing length of outstanding term or amount borrowed does not involve further credit checks, and I would have posted the same if you had not done so, but in the light of the additional questions from the OP the reference to a broker was not incorrect.

kingstreet

louise* could you clarify your use of HBOS...

Are you a Halifax or Bank Of Scotland borrower, as this may impact your future actions?

dimbo61

The Halifax SVR is 3.99% and the HBOS ( Bank of Scotland Home Loan Rate is 4.95%)
You could look at the deals for existing customers Online at the Halifax and Bank of Scotland website.
We do not know your LTV or how long you want to fix . If you want to fix at all!
Good Luck