Letting mortgage go to variable?

tink_1983

Looking for some advice please.

Me and my husband have just had our 2nd child and I'm on maternity leave.
The mortgage is in my name only due to husband previously bad credit.

Our two year deal is over end of feb. Tried to just switch to new deal online with Halifax but couldn't do it online as my mortgage on old system or something. So got to do 1.5hr phone application!

Problem is I'm on mat leave. Plus I've gone part time since we got the mortgage.

So my affordability will be a lot less.
Wondering rather than go through all the hassle of application to be told I'm not eligible for a deal..., should I just let it go onto the variable rate which currently is less than our 4.29% rate.

My other main question is. If the base rate increases & Halifax increase their variable rate. How much notice do they give me of a hike in my monthly payment?

amnblog

Engage a broker and they can let you know if the product transfer can go through with the simple process or if you need to provide proof of income. They can also handle everything for you.


We are doing one at the moment and the borrower has invested no more than 20 minutes in the process.

Dave_Ham

Halifax have changed their product transfer process recently and therefore ensure your broker is experienced with this process.


It could be the difference between going to 3.99% and potentially achieving a better deal.


They are ill-equipped in my opinion to deal with this directly at the moment through branches/phones and the information clients are receiving appears to be patchy at best.


Good luck

amnblog

Dave is right about the new process. Intuitive it is not!