Remortgaging with Halifax

lolly3fh

I'm back on the paranoia train. 18 months ago, I was convinced we wouldn't get our mortgage because of my credit rating. I'd worked hard to rebuild my rating, put right what I had made wrong, and according to Experian, I was Fair, around 840 points. I know the score doesn't often mean a lot, I had a couple of late payments and a 5 year old £125 default. We got the mortgage.

Now, our fixed term is coming to an end in December this year. We will need to re-mortgage as we bought via the Help to Buy scheme. We need to re-mortgage in Dec on the full value in order to pay off the equity loan. Our view is, the sooner we pay it off, the better. No chance of forgetting about it.

My default has gone now (over 6 years) and I have no additional late payments. My credit rating is still fair, but has slipped to 750 ish. I did get a credit card to pay for my wedding dress, which I pay off regularly and more than the minimum. Maybe this is what took my score down a few points.

After my very long and boring story; has anyone else re-mortgaged with Halifax, and is my slightly lower score going to impede this?

Thrugelmir

Nothing boring in your story. If you can afford to remortgage. Then there should be why you cannot tackle your credit card then overpay your current mortgage. Make your own good fortune. Takes hard work but the results are satisfying.

kingstreet

You don't/can't remortgage with the same lender.

A remortgage is a new mortgage with a new lender to replace the old one. it requires a new mortgage deed, the security which ties the homeloan and property together.

If you want to borrow more, it's a further advance or additional borrowing. No new deed required.

Halifax overall maximum is 80%, so you would need to have had a massive increase in the value of your property to be able to repay the equity loan at that time.

If you want a new product, it's a product transfer which you can normally do online.

If your property has increased in value, you may be able to remortgage to a new lender to repay Halifax and the equity loan, but you are unlikely to be able to get 95% if you only put down 5% deposit, so the size of the increase in the value of your property is going to be pivotal.

Foxy-Stoat_3

You only had a £10,000 deposit when you bought the house, what was the value then and what is it now?

Very much doubt you will be able to release enough equity, unless you have been over paying the mortgage since you bought it.