Halifax Existing Customers - New deal mortgage interest rates slashed!

airey

Anyone who had a Halifax mortgage with a deal ending 31st April has probably been in a similar predicament to myself as deals for existing customers have been awful recently during the pandemic. Options recently have been either lock into a bad deal, temporarily going on to the (even higher) variable rate or remortgage to a different lender.
Basically remortgaging to another lender was the only solution but I personally encountered numerous obstacles with this. Lenders not doing the type of mortgage I need currently or needing to do an internal valuation which again they aren't doing currently. 

Good news this morning as Halifax have slashed the rates for existing customers. I personally (shared equity mortgage) have gone from being offered 2.84% or 2.85% on a 3yr fix or 5yr fix respectively, to now being offered 1.55% or 1.56% on 3yr or 5yr fix respectively. Huge drops and now in line with the market so no need to switch anymore 

bamgbost

oh really. thanks for the heads up!

Thats brill news!

Im lookin to remortgage in June...so hope it still stays that way by then!

MichelleB83

We need to renew our deal and checked this morning and the rates have been slashed   
Question to anyone, is it worth holding out another month to see if they go down further or is where its at now as low as it will go?
Thanks in advance

airey

MichelleB83 said:

We need to renew our deal and checked this morning and the rates have been slashed   
Question to anyone, is it worth holding out another month to see if they go down further or is where its at now as low as it will go?
Thanks in advance

Impossible to say, I'm no expert but now Halifax have just slashed them to reflect the market and BoE rate, I doubt they will change the existing customer rates much (if anything) in the next month. I'm assuming your current deal is up at the end of the May? Be careful if you wait till 1st June the rate only applies to the next month (not instantly) so would only apply from the 1st July. So if that's the case renew on or before the 29th May.

bamgbost

Doesnt look like the MSE mortgage calculators reflect the new rates?

And Halifax dont seem to advertise their new rates either?

Thrugelmir

With a lack of new business to fund at the current time. Retaining good quality existing customers will be a commercial decision. Rates can be pulled at any time. Probably just a temporary move while the housing market remains moribound. 

PaulC5

Just for future you can access lower rates albeit with a higher fee through a broker, but depending on your debt can work out cheaper even when you include the fee on top.
Here's a link to check what Brokers can get access too which there rates haven't changed since I've been keeping an eye on them (26th March) Our Halifax fix ends 31st July. 
https://www.halifax-intermediaries.co.uk/products/mortgages/default.aspx
I was shown this site by a Halifax mortgage advisor a few years ago in branch and was advised to see a broker to save money.