My just broker said...

akorn77

I'm in receipt of a mortgage offer since Feb with Halifax. 

Just spoke to my broker, he said: 
- I can no longer change the interest rate on my product
- I cant change the term of my product 
- I cant change the fix term 
- I cant renegotiate a price 

In summary he said Halifax (and all other banks) have grind to a halt and they cannot process anything besides mortgage holidays. 

(I was planning to renegotiate and change from 2y to 5y product, but he basically said nothing is possible anymore and I have to take it or leave it). 

David_White

Halifax have removed all purchase and remortgage products for LTV's over 60%

Serdar048

David_White said:

Halifax have removed all purchase and remortgage products for LTV's over 60%

I got my offer yesterday %90 ltv i applied 12th march does this gona effect us ? Thanks

Thrugelmir

Your move may well be delayed / go on hold for very obvious reasons. 

ACG

@Serdar048 No, it just means no new applications at 60% plus. 
@akorn77 you can still get higher LTV products BUT they will likely sit on hold for 3 weeks as no physical valuations are being carried out, it will be with a new lender and it will likely cost you more. If you have other complications such as bad credit, you might find the broker is correct, but without knowing more it is difficult to say.

akorn77

ACG said:

@Serdar048 No, it just means no new applications at 60% plus. 
@akorn77 you can still get higher LTV products BUT they will likely sit on hold for 3 weeks as no physical valuations are being carried out, it will be with a new lender and it will likely cost you more. If you have other complications such as bad credit, you might find the broker is correct, but without knowing more it is difficult to say.

I'm just planning to hold tight and wait. Nobody can conduct business in this environment 

ACG

akorn77 said:

ACG said:

@Serdar048 No, it just means no new applications at 60% plus. 
@akorn77 you can still get higher LTV products BUT they will likely sit on hold for 3 weeks as no physical valuations are being carried out, it will be with a new lender and it will likely cost you more. If you have other complications such as bad credit, you might find the broker is correct, but without knowing more it is difficult to say.

I'm just planning to hold tight and wait. Nobody can conduct business in this environment 

Im taking next week off, I will be around for existing customers but I said exactly the same thing. The market is too volatile, my stress levels will be through the roof wondering if products are being pulled/increased etc. When the market settles down I will come back and crack on. 

David_White

akorn77 said:

Just spoke to my broker, he said: 
- I can no longer change the interest rate on my product
- I cant change the term of my product 
- I cant change the fix term 
- I cant renegotiate a price 

FYI - Halifax have re-introduced 80% products.
Hopefully this helps you out, I'd get your broker to see if there is any more flexibility on your above points given that they've relaxed their stance a bit this afternoon. 

SamJ35

David_White said:

akorn77 said:

Just spoke to my broker, he said: 
- I can no longer change the interest rate on my product
- I cant change the term of my product 
- I cant change the fix term 
- I cant renegotiate a price 

FYI - Halifax have re-introduced 80% products.
Hopefully this helps you out, I'd get your broker to see if there is any more flexibility on your above points given that they've relaxed their stance a bit this afternoon. 

Any news on higher than 80%? We were about to apply for an up to 90% product, something like 88/89%. Heard from broker last week that not possible - wonder if any chance will be back soon?

David_White

Lenders are dropping bombs daily so whilst you can't rule anything out I'd be surprised if Halifax went over 80% for a while.
(not including product transfers and further advances as they're going up to 95%)

akorn77

I tried calling Halifax - they are no longer taking any phone calls. 

And my broker said they're phone line to Halifax has been cut off for the time being. I'm literally stuck, dont know what to do