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Halifax mortgage £299 fee to increase borrrowing :(
userdefinable
Posts: 302 Forumite
With my 2 year fixed rate coming to an end I have been looking to change mortgage. I am resigned to the fact I must stick with Halifax because no one else will lend me even what I have now, never mind the extra that I want. That's because I'm self employed and everyone else wants to base it on my income 1.5 years ago, minus expenses, which is less then half what I'm on now!
Bonuses to sticking with them is no valution, legal or exit fees.
However, I have to pay £499 to get a really rubbish variable rate for 2 years, currently 6.20%, and I also have to pay £299 to increase the amount I'm borrowing!
Is there any way around this £299, I mean that's more then the exit fees would be to change lender, it seems excessive.
thanks
Bonuses to sticking with them is no valution, legal or exit fees.
However, I have to pay £499 to get a really rubbish variable rate for 2 years, currently 6.20%, and I also have to pay £299 to increase the amount I'm borrowing!
Is there any way around this £299, I mean that's more then the exit fees would be to change lender, it seems excessive.
thanks
0
Comments
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how do you know no other lender will touch you, have you taken professional advice?I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I've been to several high street places (including the one I have current account with). I have run out of time now, fixed rate deal ends at end of the month
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thats the problem, high street places may not be the answer.
there are lenders that brokers go to who can issue a mortgage offer the same day with online applications.I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
However, I have to pay £499 to get a really rubbish variable rate for 2 years, currently 6.20%, and I also have to pay £299 to increase the amount I'm borrowing!
Why do you have to pay £499 to go onto the variable rate? This is automatic and without charge when a fixed rate mortgage expires.
Do you mean that you are buying a new fixed rate and are wondering why you have to pay for something you are purchasing?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I'm going onto another 2 yr mortgage. It's not the £499 I'm disputing.
Is it normal to be charged £299 to increase mortgage value (after fixed rate period)?0 -
You are doing a further advance application, with credit checks, affordability checks ect. This has a £299 fee as you are borrowing more money. This will not be waivered as this is a normal fee0
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