Halifax mortgages A/ roll numbers issue

fivesquare

So I called and it looks like I'm on the old system and there's no 14-digit equivalent number for my acct, and indeed I can only apply over the phone or in branch - with full affordability checks. Apparently at the time of the rate switch they will be able to migrate my account to the new system.

I asked them to migrate first but they've said that the migration will still require a full affordability check even if no product change is happening. And that they only migrate people when they change products anyway?!

I told them I wanted to open a formal complaint as I can't apply online for a rate switch like anybody else - and I'm now on hold.

Fun stuff. :mad:

Foxy-Stoat_3

fivesquare wrote: »

I told them I wanted to open a formal complaint as I can't apply online for a rate switch like anybody else - and I'm now on hold.

When in doubt, complain !!!

Hopefully you wont have to listen to their hold music for too much longer !!!

fivesquare

OK... so to close my newly opened complaint case they offered an appointment to process the switch to a new deal over the phone (with full affordability checks) and £100 for the inconvenience.

Problem is, I don't want that appointment - I will most likely not pass the affordability checks - so I said no, I wanted my account to be migrated first, like all other accounts were. They said that they have no idea why it wasn't migrated, and for the account to be migrated I need to book an appointment with the re-mortgage specialist team and do a product switch to a new deal. There's no way to have it migrated before the product switch.

I don't want the £100, I want the new fixed rate, the SVR is too high

:mad:

Foxy-Stoat_3

You have options:

Do nothing and go on Halifax's SVR
Take the £100 and do the interview.....as you will not be borrowing more money and you will be asking for a customer retention product, they will most likely offer you another fixed rate.
Move to a new lender

fivesquare

I know...

Halifax SVR is too high at 3.99%.

New lender - I have affordability issues (on paper!).

I'm not sure whether Halifax will approve me for the new rate even if I don't want to make any changes to the term or borrow more, as - again - I now have affordability issues (after they changed the mortgage criteria/rules last year, but I also have some unsecured CC debt now).

Ironically, the interest rate for the new 2-yr deal is much lower than my current one... as I'm at 60% LTV now.

I haven't closed the complaint. I asked them to further investigate internally if my account can be migrated to the new system so that I can access their rate switch online - and send me a letter to explain the outcome.

I don't know if they'll send me the £100 but frankly I don't care. If they do I'll do a mortgage overpayment with it.

Foxy-Stoat_3

Can you not afford your current mortgage or do you THINK they lender will think that you cannot afford your current mortgage? Have you dropped your household salary or new unsecured debts?

You have a good LTV percentage, so chances are you will be offered something, if you don't you wouldn't of lost anything - you would of gained £100!

fivesquare

I can afford the mortgage payments, they are less than 1/3 of my net monthly income.

However my base salary is low, annual bonus is not guaranteed, I have childcare costs and some new unsecured CC debt. So yes I think that I won't pass affordability - I ran the numbers using the Halifax intermediaries calculator. Childcare costs, CC debt, and the service charge (leasehold property) are reducing severely the amount I could borrow.

Mortgage_Mark_2

fivesquare wrote: »

I can afford the mortgage payments, they are less than 1/3 of my net monthly income.

However my base salary is low, annual bonus is not guaranteed, I have childcare costs and some new unsecured CC debt. So yes I think that I won't pass affordability - I ran the numbers using the Halifax intermediaries calculator. Childcare costs, CC debt, and the service charge (leasehold property) are reducing severely the amount I could borrow.

In that case one for a broker - they can still process a Halifax Product Transfer, but can also guide you on whether you'll meet their criteria first, rather than wasting a few hours of your time in a branch.

fivesquare

Thanks, is extending the term by 2-3 years an option for product transfers? I'm under 40 so age isn't an issue. Just to make sure I satisfy affordability?

I don't necessarily want to extend the term, but the mortgage allows for overpayments so I guess it's not that big of a deal to extend the term.


PS. Halifax sent £100 to my bank account for the inconvenience (I haven't asked for anything, but didn't say no either). The complaint case is still open though - apparently they are now checking to see if my account can be migrated to their "new" system (NB. apparently it's 2-3 years old!) so that I can apply for a product transfer on-line.

Mortgage_Mark_2

Yes, you can extend the term when conducting a product transfer.