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Extending term to get a deal but overpaying more?

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  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    who is your current lender?
  • martyp
    martyp Posts: 1,069 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    who is your current lender?

    Halifax, have been with them since I bought the house 14 years ago. The same broker advised to stay with them 2 years ago on 2.29% which was a decent deal I thought but a 2 year fix at 2.94% doesn't seem that competitive to me
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    edited 21 February 2019 at 10:25AM
    Halifax are rubbish for small mortgages.

    They band the rates, smaller mortgage higher rate.

    Once getting close to £100k time to ditch them for a lender that gives decent rates on small mortgages.

    get the broker to put the numbers in writing for the switch deal and the retention deal.

    if you can move for close to zero costs the lower rate should come out best and if the new lender is one of the decent one for retention deals the savings will follow on after the current deal
  • martyp
    martyp Posts: 1,069 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    Thanks, one thing I also wanted to factor in was the potential to staircase to 100% which would I think take the total mortgage over £100k with the other half being £70k roughly. It will depend on my income of course but hope that should return to normal levels as soon as possible.
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