Halifax • transfer mortgage offer to different property

nicky73

Hi
I had offer on house accepted back in May.  Vendor and solicitor very slow and extended offer (with new higher rate) a couple of weeks ago so it’s valid until March 2023. 

After conversions this week it’s clear purchase is going nowhere. So I viewed another property today and offer accepted. 

My broker indicated before I viewed the house I should be okay to change the property on the mortgage offer without a rate change. The new house is same price so mortgage / LTV unchanged. 

I’ve emailed my broker this evening about this and sure I’ll hear back tomorrow but has anyone got experience of this with Halifax? 

K_S

@nicky73 Halifax does not allow a property change on the mortgage offer, a new rate will need to be selected. I could swear that I've done it in the past (perhaps a quirk of the system) but when I asked the Halifax BDM the question a few weeks ago for a client in your situation, this is what he said -

nicky73 said:

Hi
I had offer on house accepted back in May.  Vendor and solicitor very slow and extended offer (with new higher rate) a couple of weeks ago so it’s valid until March 2023. 

After conversions this week it’s clear purchase is going nowhere. So I viewed another property today and offer accepted. 

My broker indicated before I viewed the house I should be okay to change the property on the mortgage offer without a rate change. The new house is same price so mortgage / LTV unchanged. 

I’ve emailed my broker this evening about this and sure I’ll hear back tomorrow but has anyone got experience of this with Halifax? 

london21

When I enquired they said new property will be if the product is still in market otherwise new rates. 

nicky73

Thanks for the reply. Not the news I wanted to hear but at least I know. And can hopefully secure something now before they go even more crazy next month. 

nicky73

Thanks for the replies - the rate I was offered a couple of weeks ago is gone - so looks like I’ll be paying another £20 a month since that offer ( a lot less painful than the last increase I had). Let’s hope I can get that locked in tomorrow / Friday subject to valuation. 

kingstreet

K_S said:

@nicky73 Halifax does not allow a property change on the mortgage offer, a new rate will need to be selected. I could swear that I've done it in the past (perhaps a quirk of the system) but when I asked the Halifax BDM the question a few weeks ago for a client in your situation, this is what he said -

nicky73 said:

Hi
I had offer on house accepted back in May.  Vendor and solicitor very slow and extended offer (with new higher rate) a couple of weeks ago so it’s valid until March 2023. 

After conversions this week it’s clear purchase is going nowhere. So I viewed another property today and offer accepted. 

My broker indicated before I viewed the house I should be okay to change the property on the mortgage offer without a rate change. The new house is same price so mortgage / LTV unchanged. 

I’ve emailed my broker this evening about this and sure I’ll hear back tomorrow but has anyone got experience of this with Halifax? 

Me too!!!

K_S

@kingstreet Here's another broker telling a client that it can be done. I'm just wondering if I've been given wrong information....

niceguyed said:

Hi all, I've scoured the threads about backup mortgages but have seen some conflicting advice. 

Current situation is we have a 10 yr fix 3.49% mortgage offer with Halifax that expires on 31.12.  arranged via a broker. 

This was for a property we had to pull out of due to undeclared subsidence. We've just had an offer accepted on another property (no upward chain) and we will be chain free as breaking chain on current sale that goes through on 6 Oct. 

Spoke with our broker and they say no issue changing property, they will key it in and a fresh valuation on the new property will be done. We asked about an extension and as they used to work for Halifax they said very likely we would get a month if needed.  I spoke with Halifax today who confirmed the former but couldn't confirm/deny the latter. 

Solicitor seems confident we could complete before expiry but I'm a pragmatist and would prefer a contingency plan. I asked my broker about a backup mortgage and they were not at all keen and advised against it, main reason given was could be viewed as potential fraud. However, on threads here I've seen brokers advice against second mortgage offers and some say it's not a problem.