Halifax mortgage offer expiry/extension

Mortgage_99

K_S said:

@mortgage_99 I just checked with Halifax when I was speaking with them about another query and they said that FBS597 was a normal FTB product with a complete-by date of 30/06/2022.

To answer your above question, it's a very straightforward process for the broker to switch to a current product.

Please think it through properly before asking the broker to make a change as once you switch away, you'll lose the lower rate for sure, even if your completion moved back to before June 30.

Okay thanks. The broker has said he will see if he can potentially get his managers to speak to someone higher up in Halifax to see if there is any chance of potentially keeping the same rate as the delay is only 2 weeks past mortgage expiry. I think the chances are low, so not getting my hopes up.

Also, so when switching the product is it gonna have to go through a new credit search again or is it a straightforward switch onto an up to date one. And is the switch instant?

My plan is to see if the broker can get anywhere with Halifax regarding an extension on the same rate. If not I’m looking to just lock in a current rate before the Bank of England potentially lifts interest rates in June.

Look_Behind

I had the same with Halifax. We were approved for a 5 year fix at 1.68% in January with an expiry of 30th June. The rates then started going up. House builder said they expect to complete in June-August, which the broker knew. Should the broker have gotten us a product with a longer drawdown date most likely!

Asked for an extension mid-April, we were told that we would have to choose a new product, the Halifax new product rates were the worst on the market.

Decided to apply for a new product with Nationwide on a 10 year fix at 2.49% in late-April (that product is already off the market) which was accepted mid-May and has an expiry of November. Overall it has added approx. £80 onto our monthly payments as we decided to stay on the same term.

The housebuilder and solicitor both advised to wait till a few weeks before expiry for and extension because "Halifax have always extended without any issues". I didn't belive them so spoke to Halifax direct (I skipped my broker). 

If you were on a 2 year fix it may be worth looking at longer fixes as most lenders appear to have priced in a sharp rise in interest rates followed by a fall. The longer fixes suddenly don't look too bad if it is stability/certainty you are after.

simon_or

Your broker might be annoyed or perhaps you have to be with Halifax for other reasons but can't you now look at the whole market and if another lender is cheaper, move to them? You have plenty of time if completion is only in July.

kingstreet

K_S said:

kingstreet said:

The other thing here is could a 'Green' product have been used? If there is a predicted energy assessment of A or B as you'd expect on a newbuild, a broker can choose a green product. Not much difference, TBH. Same rate but £250 cashback on completion.

Also available on HTB/SO affordable housing applications.

@kingstreet Don't know if it was the case back in Feb, but current green product codes appear to start with a G.

Yep. Spot on.

K_S

Mortgage_99 said:

K_S said:

@mortgage_99 I just checked with Halifax when I was speaking with them about another query and they said that FBS597 was a normal FTB product with a complete-by date of 30/06/2022.

To answer your above question, it's a very straightforward process for the broker to switch to a current product.

Please think it through properly before asking the broker to make a change as once you switch away, you'll lose the lower rate for sure, even if your completion moved back to before June 30.

Also, so when switching the product is it gonna have to go through a new credit search again or is it a straightforward switch onto an up to date one. And is the switch instant?

@mortgage_99 The switch is not 'instant' (as in at the click of a button), it takes 1-2 working days for the offer to be reissued. It may involve a 're-score' of the application and hence a soft-check.

Mortgage_99

I can’t believe it. So my mortgage broker has managed to get us a 1 month extension on our original rate of 1.72% for an extra month till July 31st. Sooooo happy thank God as our completion is mid July. No idea how but last thing he said was he would speak to the business managers at Halifax and it seems to have worked. Happy I didn’t switch product to an up to date one in the end lol.

For anyone in a similar situation, ask your broker to see what they can do. You never know.

K_S

Mortgage_99 said:

I can’t believe it. So my mortgage broker has managed to get us a 1 month extension on our original rate of 1.72% for an extra month till July 31st. Sooooo happy thank God as our completion is mid July. No idea how but last thing he said was he would speak to the business managers at Halifax and it seems to have worked. Happy I didn’t switch product to an up to date one in the end lol.

For anyone in a similar situation, ask your broker to see what they can do. You never know.

@mortgage_99 Really happy for you, hope it all goes to plan now!

Look_Behind

Mortgage_99 said:

I can’t believe it. So my mortgage broker has managed to get us a 1 month extension on our original rate of 1.72% for an extra month till July 31st. Sooooo happy thank God as our completion is mid July. No idea how but last thing he said was he would speak to the business managers at Halifax and it seems to have worked. Happy I didn’t switch product to an up to date one in the end lol.

For anyone in a similar situation, ask your broker to see what they can do. You never know.

Good news! We are basically in the same situation as you so I might try and get our broker to do the same. We already have a "backup" mortgage approved via another lender so it can't do any harm trying to get an extension to the original one.

Our build completion date is July, so hopefully, our contract completion date will be in July too! The roof has only just gone on the house so I'm not getting my hopes up.

lantus

Look_Behind said:

Mortgage_99 said:

I can’t believe it. So my mortgage broker has managed to get us a 1 month extension on our original rate of 1.72% for an extra month till July 31st. Sooooo happy thank God as our completion is mid July. No idea how but last thing he said was he would speak to the business managers at Halifax and it seems to have worked. Happy I didn’t switch product to an up to date one in the end lol.

For anyone in a similar situation, ask your broker to see what they can do. You never know.

Good news! We are basically in the same situation as you so I might try and get our broker to do the same. We already have a "backup" mortgage approved via another lender so it can't do any harm trying to get an extension to the original one.

Our build completion date is July, so hopefully, our contract completion date will be in July too! The roof has only just gone on the house so I'm not getting my hopes up.

Hi,
I'm in exactly the same situation as you too. Can I ask did you manage to extend your original mortgage offer? if yes, how did you do this? Many thanks.