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HTB Equity Loan - Coming to end of 2yr fix
breakingbad
Posts: 131 Forumite
Hi all,
Our Halifax 2yr fix ends on 31st August and we will move onto the Halifax homeowner variable rate (currently 3.99%). As such we will soon be looking at remortgaging.
We bought the property with a 5% deposit and the help of the 20% HTB equity loan scheme. So I understand our remortgage options are limited. We are not looking to borrow any more money, we would just like to get onto a slightly longer (5yr) fix in order to avoid any hikes in interest rates (particularly with the financial uncertainty around Brexit!).
Is a HTB remortgage such as this something that I can do myself with Halifax? Or do we need to use an IFA etc? I understand there are certain fees that need to be paid to the HTB post-sales agent (isn't there always!).
In the next three years we would hope to be able to save enough to staircase 10% of the property value with the HTB agent - fingers crossed!
Thanks
Our Halifax 2yr fix ends on 31st August and we will move onto the Halifax homeowner variable rate (currently 3.99%). As such we will soon be looking at remortgaging.
We bought the property with a 5% deposit and the help of the 20% HTB equity loan scheme. So I understand our remortgage options are limited. We are not looking to borrow any more money, we would just like to get onto a slightly longer (5yr) fix in order to avoid any hikes in interest rates (particularly with the financial uncertainty around Brexit!).
Is a HTB remortgage such as this something that I can do myself with Halifax? Or do we need to use an IFA etc? I understand there are certain fees that need to be paid to the HTB post-sales agent (isn't there always!).
In the next three years we would hope to be able to save enough to staircase 10% of the property value with the HTB agent - fingers crossed!
Thanks
0
Comments
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Ask Halifax what customer retention products it has available to you, or look to remortgage.
The latter means using a new mortgage with a new lender to repay the old one.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
ah, so if we switched onto another Halifax deal (retention product), it isn't classed as remortgaging?
Does this mean solicitors don't need to be involved and the remortgaging fee (£115) wouldn't need to be paid to the HTB agent?0 -
That's right.
Only where the mortgage deed will change (lender to lender) is this a remortgage.
A product change involves none of the things you mention.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
go on Halifax online, it will tell you the dealsDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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