Halifax withdraw 2 year fixed fee at 85%

RauHughes

I have an application pending with Halfiax for this product currently. Will this now be cancelled, or will it still proceed due to app being submitted before withdrawal of the product?

If the former, will we be offered a 3 or 5 year fixed as an alternative (both of which are still offered at this LTV) or will we have to start from scratch?!?!

https://www.mortgagesolutions.co.uk/news/2020/08/07/platform-and-halifax-temporarily-withdraw-high-ltv-mortgages/

cooltt

RauHughes said:

I have an application pending with Halfiax for this product currently. Will this now be cancelled, or will it still proceed due to app being submitted before withdrawal of the product?

If the former, will we be offered a 3 or 5 year fixed as an alternative (both of which are still offered at this LTV) or will we have to start from scratch?!?!

https://www.mortgagesolutions.co.uk/news/2020/08/07/platform-and-halifax-temporarily-withdraw-high-ltv-mortgages/

They will offer what you applied for but to be honest why are you not fixing for 3 or 5 years , interets rates aren't going to go any lower and even if they did the lenders simply won't go lower due to profit margins.

RauHughes

Simply really, couldn't get a good deal on 90% LTV and hope to release equity up to 90% in 2 years to extend on the property. Will then look at a more long term fixed. 

Hope you're right on them honouring the product! 

Thrugelmir

Homeowner loans are often capped at 85% LTV. 

amnblog

If you had the full application in before 5pm on the 1st you have secured the rate and you do not have a problem.

RauHughes

amnblog said:

If you had the full application in before 5pm on the 1st you have secured the rate and you do not have a problem.

Thanks. Application was submitted 25th July, valuation is done, underwriter requested some additional documents for my wife last week (she's on mat leave) which have gone over on Thursday. I was kind of hoping we might (🤞🤞🤞) get an offer next week!