Halifax retention product - 3 month period

PP1984

Hope someone could answer this please.

I have a fixed rate mortgage with Halifax. The fixed rate ends 31st December, so we can do a product transfer from 1st October with no penalty.

Current rate is 3.44%, there is a product that matches our circumstances at 2.19%.
That new product says that completion should be before 31st October.

Is it possible to reserve the new product now, and complete on 1st October, while still avoiding the ERC?
Or do we just have to wait and see what's available on 1st October?

Thanks in advance

foxy-stoat

Speak to Halifax, you will get your answers there.

amnblog

It's a 3 month window to reserve and avoid the OIP.

You can start the process from, but not before, 1st October and the new rate can start from 1st November avoiding the early redemption penalty.

PP1984

I thought that might be the case.
Thanks for the replies.

Michael_Corleone

amnblog wrote: »

It's a 3 month window to reserve and avoid the OIP.

You can start the process from, but not before, 1st October and the new rate can start from 1st November avoiding the early redemption penalty.

How would I find out when the 3 month window is open? I believe my current mortgage fixed rate period expires on October 31st, so does that mean I can apply for a product transfer from July 31st?


Where would it state this explicitly?

bigstevex

Michael_Corleone wrote: »

How would I find out when the 3 month window is open? I believe my current mortgage fixed rate period expires on October 31st, so does that mean I can apply for a product transfer from July 31st?


Where would it state this explicitly?

Go on the halifax mortgage page for existing customers and enter your details, it tells you what you're entitled to do

Or read your offer from your mortgage when you took it out

ctlfc

For what it's worth, my fixed rate expires around the same time. I phoned Halifax recently an they basically didn't want to know. Told me to phone back 3 months before the products expires to discuss rates. I would imagine they would inch up slightly if the BOE acts as expected on Thursday but am unsure how quickly they adjust fixed rate mortgages on the event of a base rate rise.

I would imagine if the markets are certain of a rate rise then this may have already impacted the rates but they're banks so any excuse to increase margins.

Michael_Corleone

Ok, so I switched it today. The process took about 20 minutes (including reading the documents) and it really wasn't clear where the 3 month window starts, but I made an assumption that it was today, and the mortgage offer stated £0 fees to pay (e.g. early repayment, which is what I wanted to avoid), so I guess I was within the window (1st Aug - 31st October). Interestingly the rate dropped 0.1% since yesterday, which saves me a couple of quid a month!