Re-Mortgage Time

maddyh11

Hi There


My first ever fixed rate mortgage deal with Halifax is due to end at the end of Jun this year.


Can anyone advise what happens....... Do Halifax contact me with a new fixed rate offer? or do I have to approach them?


I'm not really in a position to shop around at this time so just wondered if they contact you with a new offer and you either accept or decline


Just a little confused and lost so any advise welcomed

kingstreet

They will write with customer retention options.

Alternatively, you can do it online or ask a broker to do it for you.

jess4207

Hi, I am in a similar situation as follows:

Mortgage with Halifax is coming to 2-year end, and rate will increase by almost 100%.
I want to do an online product transfer but I am afraid of the process as my income has dropped by about 26% since I took out my initial mortgage. If I don't technically meet their lending criteria for the product transfer on this basis, has anyone had any experience in what they do next?

A couple of added complications:
I am a contractor and had to go through a specialist contractor service to get the initial mortgage which cost me £900, a fee I'd like to obviously avoid as I am on lower income and feel this is extortionate
I have second mortgage with another bank for debt consolidation a year or so ago, I am quite sure that Halifax had to OK this and were aware of this, but this will also need to be declared and taken into account.
I have not missed any repayments however I did take a 2-month payment holiday last year, Halifax allowed this and increase my monthly repayment.

I can't extend the length of the mortgage time as it will go past retirement age.

Does anyone have any recent experience of online Halifax product transfer process?
Do they require payslips and bank statements?
What happens if you get turned down? Do you have another shot if you use a broker, and how long would you have to wait?

Sorry for all the questions but this is really stressing me out.

Jess

jess4207

One other thing, I have quite a low LVR ie. loan is only 45% of the value of the house.

prufrock

Hi there,


You can check out and apply for the current mortgage offers for existing Halifax mortgage holders up to 3 months from when the current deal finishes.

To do this go onto the Halifax website (no login needed at this stage), click on mortgages and click on "existing customers" then click on "switch to a new deal". You can then view all the current offers for 2/5 yr fix depending on your LTV and amount borrowed.


If you are not changing the term or the amount borrowed you do not go through any checks as far as I am aware.


If there is one that is suitable you can then log-in and sign up for it, but as far as I remember they just send it over in the post for you to sign and return.


Hope that helps

jess4207

Hi thanks Prufrock, did you go through this process recently?
Did they ask for payslips, bank statements etc?

My main concern is that I will be stating a lower income, and that they will say I cannot transfer the product as it is tick-box process ie. "computer says no" - if that is the case, I just want to know where I stand with them and what my options are at that point.

Also, my mortgage rate ends on 31/10, if I apply 3 months earlier does it just get approved at that point and then effective on 1/11 OR is it effective when I actually apply and presumably/hopefully get approved?
I have been online and looked at their rates, the one I am going for is a better deal than the one I am on at the moment so it would be great to be able to actually transfer earlier, or am I locked in until 31/10.
Many thanks for your help

Jess

~Beanie~

I went through this process with Halifax about 3 months ago. They don't do any checks whatsoever they don't ask for income details or anything. It was really simple. I applied about a month before my fix ran out and the new rate came into effect on the date it ran out, not the date I applied.

prufrock

Hi jess,


No credit checks or affordability etc *IF* you do not change the loan amount or the number of years remaining. So you choose the 2 or 5 years fix, they send the paperwork, you sign it-send it back. job done, keeps you off the SVR!!

prufrock

thinking about it I don't think they even ask for your income amounts, although it was two years ago when I did the process

jess4207

thanks Prufrock and Beanie, that was very helpful.

Do you know if they run a credit check at all?

I have some money owing on credit card but it is all at 0% long term so I don't really want to pay it off unless I have to in order to get my loan over the line.

Thanks again

Jess

prufrock

hi jess,

my understanding is they do not :j