Product Transfer: Halifax - Equity Help To Buy

Carl34

Hi All,

New to the forums and looking for advice before I speak to my lender.

My two year fixed rate ends in Aug, and I don’t want to do a full remortgage with a different lender at this stage.

I do however want to do a product transfer, leaving the equity loan in place as is. Is this possible with the Halifax, or do they enforce repayment of the equity loan as requirement? I seem to recall reading somewhere that they are fine it staying as is. There’s very scant info available.

The final question is whether HTB have to be informed, my understanding is that a product transfer with existing terms (amount, duration) does not class as a remortgage and so they do not need to be told.

Thanks upfront!
Carl

chanz4

No you can change products leaving it

kingstreet

A PT is a simple change requiring no checks and no communication with the post-sales HTB Agent is required.

Carl34

Thank you guys.

Spoke with Halifax over the phone and they same fairly switched on to it, one of the reasons I chose them originally. They implied it makes no odds to the second equity charge, and that it doesn’t have to be paid off to accept the transfer.

I wish lenders would make there criteria clearer, seems unless you go via a broker, getting consistently correct info online is not so straightforwad.

For peoples benefit they offer a five year fixed PT, and the rate is surprisingly good, all depends on when your equity loan is mean to kick in, as you’d want to avoid early repayment charges etc so may be better taking a shorter term.

Thanks for the help.