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Product fee takes me into higher LTV band - Halifax


I am looking at retention deals with Halifax and currently sit at 74.9% LTV
If choosing a product with a fee, will the fee be added to the loan amount to determine what rates are on offer? Or does the fee get added after the new product is chosen?
The typical £1499 fee takes me back over 75%, so do I need to make an overpayment beforehand to make sure?
I've searched other threads and it seems that it depends on the lender, so any experience with Halifax?
Thanks!
Comments
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If you add the product fee to the loan, it will not take you into a higher LTV band.That's how it is as an broker, not sure if it's any different when direct (shouldn't be).Edit: Just to be clear, talking about Halifax here.
I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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K_S said:If you add the product fee to the loan, it will not take you into a higher LTV band.
That's how it is as an broker, not sure if it's any different when direct (shouldn't be).ernest1983 said:Good morning all,
I am looking at retention deals with Halifax and currently sit at 74.9% LTV
If choosing a product with a fee, will the fee be added to the loan amount to determine what rates are on offer? Or does the fee get added after the new product is chosen?
The typical £1499 fee takes me back over 75%, so do I need to make an overpayment beforehand to make sure?
I've searched other threads and it seems that it depends on the lender, so any experience with Halifax?
Thanks!
Practically are borrowing the same, you just pay the amount of the fee in extra deposit when complete.
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grumiofoundation said:K_S said:If you add the product fee to the loan, it will not take you into a higher LTV band.
That's how it is as an broker, not sure if it's any different when direct (shouldn't be).
I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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ernest1983 said:Good morning all,
I am looking at retention deals with Halifax and currently sit at 74.9% LTV
If choosing a product with a fee, will the fee be added to the loan amount to determine what rates are on offer? Or does the fee get added after the new product is chosen?
The typical £1499 fee takes me back over 75%, so do I need to make an overpayment beforehand to make sure?
I've searched other threads and it seems that it depends on the lender, so any experience with Halifax?
Thanks!0
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