Little Advice please re new RE-mortgage

becca87

Hi All,

I need a little help please! I bought my first property in Dec 2010 and signed up to a 5 year deal where at the end it would change to the current rates of the time. No problem with that..

Ive done a LOT of changes to the house and now that I'm only a couple of months off (Dec 2015) of the end of my current rate, I'm wanting to change it for a better deal at the end of the term

I'm with Halifax who said they would contact me with approx 3 months to go to the end, to offer me new rates, now not only have they not done this (albeit only just approx. 3 months to go) but I feel like they are not offering great products to me (ive spoken to them in June re the mortgage process and just were not helpful at all)

So... What I need help with is

- I have been looking at other mortgages and would like to swap, is it that easy to pay the fees to the bank and get valued and swap it?

- Except life insurance that I have in place currently, do I need to add / sort out anything else?

Finally, The mortgage rates that are current now are way better than my deal - so it is best to keep similar term time and pay off more, or lower the term time and have a similar payment as I do currently??

Super sorry for such a long post but a little confusing!! thank you!! x

amnblog

Swopping to a different bank is not difficult.


Moving from Halifax does not mean you need to cancel and renew your life insurance (you shouldn't).


If you have the discipline to overpay you do not need to reduce the term of your mortgage to make the same savings as setting a shorter term.

Thrugelmir

now that I'm only a couple of months off (Dec 2015)

Which calendar are you working by? You are still not within 3 months of the end of your product term. So unsure why you've written off Halifax entirely. When there's little they could have done at any point up until now.

dimbo61

You need to have a look on the Halifax website to see what deals they have for existing customers.
What do you think your LTV ( Loan to value) is now?

http://www.halifax.co.uk/mortgages/existing-customers/switch-to-a-new-deal/

I have posted the link to the Halifax website for existing customers.

Now it will be easier to stick with Halifax IF you donot want to borrow more money?
But you may also find a better deal with another lender ( Your call)

becca87

amnblog

Thank you very much for the info!

Thrugelmir

Hi,

apologies for the late reply - my mortgage is due to expire 1st Dec 2015 it says on my personal statement on my online section.. hence a little surprised I haven't heard very much! I understand what your saying, just seems to be struggling with them ( as I am sure I would with anyone) as I am new to this and the questions I seem to ask Halifax, are not quite getting the answers I'm needing or understanding!

Dimbo61

Thanks for the link! Ive had a look but don't seem to be competitive as a lot I have seen out there - although I will book an appointment again and ask them to see if there is anything that can be done or any offers I don't see from there website!

Thank you all very much for your help! Super much appreciated

amnblog

You are not reliant on a poor service from Halifax.


You can get a broker to handle the Halifax product swop, or place you elsewhere if more beneficial Becca.

marmaruser

You can absolutely moveaway from Halifax. My mortgage comes to end by Dec1st 2015(with Halifax) and already started the process hsbc. please look into HSBC, they have very good rate even for fee free products.