Halifax Mortgage - Moving to new product at end of fixed term

Josh1994

Hi,
I hope you can help. I've searched the internet and can't seem to find anything about my question but please feel free to point me in the right direction if there is some information I've missed. 
I'm halfway through a 2-year fixed term with Halifax which is my first mortgage. I know that if I don't get a new fixed term then it will move over to the standard variable rate. If I was to move over to a new fixed term product with Halifax (i.e. not remortgaging - as I understand it), do you become assessed on affordability criteria again as you were when you took out the mortgage in the first place?
I hope that makes sense.
Thanks in advance. 

es5595

Yes, they will ask questions on affordability and ensure you can afford it, especially if you are increasing the amount borrowed. 

They’ll do a credit check to ensure there isn’t anything you’ve “forgotten” to tell them, but I found them to be less strict/thorough than the other company’s I’d been to, since I was already with them. 

Anawii

Our experience with Halifax was that we switched to a new deal with them twice, didnt speak to anyone, didn't  have any questions asked or affordability checks. We just picked the new rate and length of fix online and pressed a button to confirm the choice, done! Very simple and suited us as I was on maternity leave on one of the occasions, so we didn't want to remortgage elsewhere and have affordability checks. We did  that twice, once in 2016 and again in 2018.

gm12

No affordability assessment or credit checks if you are switching unless you want to change terms such as further borrowing, changing the mortgage term etc.

Josh1994

Thanks for the replies. It's ideally the latter couple of responses I'm hoping for, because I'm not expecting to be in my current job in a years time. I'll still be in a position to pay the mortgage with no issues but I may be earning less. Who knows? Just trying to have a mind to what the process is likely to be when it comes up next year. 

Anawii

I think if you use the online, no advice option and just pick your own new rate with no extra borrowing and no change of length then it should be fine. I was anxious about it too the first time being on maternity leave but it couldnt have been easier, really straight forward. It took their estimated curremt value of house into account and told us our options. Simple!

amnblog

We handle these Halifax Product Transfer every day and can confirm you will not have to pass an affordability check to get a new rate unless you are borrowing more, changing the mortgage term, adding or removing a borrower, or moving home.

Bear in mind in connection with the app mentioned above that Halifax offer all available only via Brokers. Going direct will not currently, for example,  give you access to 2 year fixed rates.

Kattermole

Yes, we've literally just done this. It was all done online, no checks/questions. Just selecting the new deal, reading the documents and confirming. It was done and dusted within 48 hours.