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simonrenishawsmith

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Yorkie1

You may find that £30K is too low for some lenders.

amnblog

Such a wide change in the borrowing may mean that the product value for money has to be reconsidered - particularly is there is a sizeable arrangement fee.

kingstreet

I agree. The lender you might use for a £150k mortgage isn't necessarily the same as you'd use for £30k as upfront costs/fees weight much more heavily.

For the smaller mortgage, I'd be looking for no fee, free valuation and cashback kind of deal.

Still as Halifax allows easy change of mortgage amount and mortgage product, the alteration shouldn't be too difficult/lengthy.

kingstreet

Halifax MAF and valuation fee are a lot higher than other lenders. £235k PP means £430 val fee and £295 MAF.

That's a cost of £725.

An alternative offer with a free val, £250 cashback and MAF of say £225 means your set-up costs would be -£25, a difference of £750.

If the rate is better as well, as it may well be, say 1.94% v Halifax at 2.59% for a two year fix, you are losing out all ends up.

Assuming you have no real reason for going to Halifax criteria-wise, you would appear to be better off elsewhere.