Remortgaging... how often do lenders change rates

bamgbost

Hi All

First remortgage coming up next month, with Halifax. Just had a look at their current rates... it says valid from 1st June.

Do lenders (in particular Halifax) change their rates regularly. I.e. 1st of every month? Or does it change less frequently, like every quarter?

jamielutz1987

@bamgbost Yes, they do update their products quite regularly. It doesn't necessarily mean a wholesale change of rates across all ranges though.

See below the changes in product range on their intermediary website.

bamgbost

ok i See. thank you.

Do brokers get more choices than we see  on the normal remortgage pages

jamielutz1987

@bamgbost Varies from lender to lender. Are you talking about a product-switch staying with Halifax?

For Halifax product transfers, if you were (say) looking for a 2 year fix at the LTVs mentioned below, these would be the options available through brokers (sorry I can't seem to find the equivalent for customers going direct) -

bamgbost

Correct.

Remortgage but stay with Halifax

jamielutz1987

You can put in your details here to compare how the broker offering is looking compared to the products you are being offered direct through Halifax. They might be the same, Halifax direct might be better or the broker ones may be better. Worth a check anyways.

https://www.halifax-intermediaries.co.uk/products/mortgages/default.aspx

Is there any reason you aren't looking to remortgage away from Halifax? They don't have the best retention rates, especially at lower LTVs.

bamgbost

I realised then used the MSE comparison tool. There are many lenders who are better.

Unfortunately, my credit history is patchy and its a safer bet to stay with existing lender, and avoid the re-evaluation of lending criteria. I may fix for a shorter term 2/3 years with the view to improve my credit worthiness asap.

jamielutz1987

Makes perfect sense.

Do report back on how the Halifax direct product transfer rates compare to the broker product transfer rates. Would be good to know.

FYI even if you go through a broker for a product transfer, there's no affordability, income or credit checks so there's no reason to not take advantage of a better Halifax product transfer rate available through a broker.

getmore4less

Halifax are also a lender that charge more for smaller mortgages so never a good long term option.
For any borrower unless the savings are considerable often best avoided just in case as you could get trapped if circumstances change.

bamgbost

thanks for the heads up guys.

I totally agree, but given my circumstance. I have to stick with them for the short term.