New rate from Halifax 3.73%

hippydip

Along with many others I'm spending a bit of time trying to work out whether we would be better to pay an early repayment charge for current fixed deal which finishes in April 2023.  Our early repayment is charge is in the region of £2000 - I'm looking to go to a 10 year fixed rate which they have offered me at 3.73% - it's a lot to pay as an early repayment charge but with £153,000 still to pay on the mortgage and bills to pay I'm really needing to know what we will be paying per month - any thoughts on the rate I've been offered?  Been on hold for 2 hours waiting to confirm with mortgage advisor - I appreciate they are busy but oh my goodness

Vyncenze

I've just paid £5k to fix mine again rather than wait til Spring next year. It's a lot of money but when you do the maths it won't take much of an interest rate rise in the next 6 months to be the better option. For me, a rise of just over 1% would be more expensive over the next 5 years than taking the hit now...

MoneySavingDummy

Based on current rates available in the market, 3.73% for a 10 year fix looks very good to me. I've had a quick look on the Halifax website myself and it is quoting me a rate of 4.48% for a 10 year fix.

Out of interest, what's the product fee?

hippydip

no product fee as far as I know as we are already with them - just need to pay ERC to get out of current fixed - I'm still waiting on the phone - rate might have changed by the time I get to speak to them again 

K_S

hippydip said:

Along with many others I'm spending a bit of time trying to work out whether we would be better to pay an early repayment charge for current fixed deal which finishes in April 2023.  Our early repayment is charge is in the region of £2000 - I'm looking to go to a 10 year fixed rate which they have offered me at 3.73% - it's a lot to pay as an early repayment charge but with £153,000 still to pay on the mortgage and bills to pay I'm really needing to know what we will be paying per month - any thoughts on the rate I've been offered?  Been on hold for 2 hours waiting to confirm with mortgage advisor - I appreciate they are busy but oh my goodness

@hippydip There might be some reason you need to stick to Halifax, but if not, I can see Lloyds 60/75% remo 10yr fixes at 2.78-2.83%. Hopefully it's not been pulled.

They are direct only, might be worth checking out the rates available to you on their remortgage website

baguettes

We got a mortgage switch offer from Halifax (our current lender) today.

We are in a similar situation to many, currently on a 5 year fix at 2.2%, due to end June 2023 with an ERC of £1800 

Today we locked in a 5year fix offer of 3.49%. The offer is valid until 28th Feb 2023.

Our plan is to wait until 1st Feb to accept it and pay the ERC. This gives us 5 more months on our current fix that we can use the savings for to water down the ERC. Plus maybe some divine intervention will fall upon us and fix the economy by then, in which case we will cancel it and reevaluate.

ElwoodBlues

baguettes said:

We got a mortgage switch offer from Halifax (our current lender) today.

We are in a similar situation to many, currently on a 5 year fix at 2.2%, due to end June 2023 with an ERC of £1800 

Today we locked in a 5year fix offer of 3.49%. The offer is valid until 28th Feb 2023.

Our plan is to wait until 1st Feb to accept it and pay the ERC. This gives us 5 more months on our current fix that we can use the savings for to water down the ERC. Plus maybe some divine intervention will fall upon us and fix the economy by then, in which case we will cancel it and reevaluate.

That's what I was hoping to do, but Natwest won't allow it - would have to pay the ERC at the current rate, and switch to the new fix immediately.

ElwoodBlues

K_S said:

hippydip said:

Along with many others I'm spending a bit of time trying to work out whether we would be better to pay an early repayment charge for current fixed deal which finishes in April 2023.  Our early repayment is charge is in the region of £2000 - I'm looking to go to a 10 year fixed rate which they have offered me at 3.73% - it's a lot to pay as an early repayment charge but with £153,000 still to pay on the mortgage and bills to pay I'm really needing to know what we will be paying per month - any thoughts on the rate I've been offered?  Been on hold for 2 hours waiting to confirm with mortgage advisor - I appreciate they are busy but oh my goodness

@hippydip There might be some reason you need to stick to Halifax, but if not, I can see Lloyds 60/75% remo 10yr fixes at 2.78-2.83%. Hopefully it's not been pulled.

They are direct only, might be worth checking out the rates available to you on their remortgage website

How do you find those rates?

I just looked and they're only offering 4.02% for years, no mention of a 10 yr fix (my LTV is 27%). If I tell it that I'm a Club Lloyds customer they do show a 10yr fix at 3.88%, but that's for existing customers only. 

K_S

ElwoodBlues said:

K_S said:

hippydip said:

Along with many others I'm spending a bit of time trying to work out whether we would be better to pay an early repayment charge for current fixed deal which finishes in April 2023.  Our early repayment is charge is in the region of £2000 - I'm looking to go to a 10 year fixed rate which they have offered me at 3.73% - it's a lot to pay as an early repayment charge but with £153,000 still to pay on the mortgage and bills to pay I'm really needing to know what we will be paying per month - any thoughts on the rate I've been offered?  Been on hold for 2 hours waiting to confirm with mortgage advisor - I appreciate they are busy but oh my goodness

@hippydip There might be some reason you need to stick to Halifax, but if not, I can see Lloyds 60/75% remo 10yr fixes at 2.78-2.83%. Hopefully it's not been pulled.

They are direct only, might be worth checking out the rates available to you on their remortgage website

How do you find those rates?

I just looked and they're only offering 4.02% for years, no mention of a 10 yr fix (my LTV is 27%). If I tell it that I'm a Club Lloyds customer they do show a 10yr fix at 3.88%, but that's for existing customers only. 

@elwoodblues On my sourcing tool. But these are only updated once or twice a day so the products might no longer be available.

ElwoodBlues

K_S said:

ElwoodBlues said:

K_S said:

hippydip said:

Along with many others I'm spending a bit of time trying to work out whether we would be better to pay an early repayment charge for current fixed deal which finishes in April 2023.  Our early repayment is charge is in the region of £2000 - I'm looking to go to a 10 year fixed rate which they have offered me at 3.73% - it's a lot to pay as an early repayment charge but with £153,000 still to pay on the mortgage and bills to pay I'm really needing to know what we will be paying per month - any thoughts on the rate I've been offered?  Been on hold for 2 hours waiting to confirm with mortgage advisor - I appreciate they are busy but oh my goodness

@hippydip There might be some reason you need to stick to Halifax, but if not, I can see Lloyds 60/75% remo 10yr fixes at 2.78-2.83%. Hopefully it's not been pulled.

They are direct only, might be worth checking out the rates available to you on their remortgage website

How do you find those rates?

I just looked and they're only offering 4.02% for years, no mention of a 10 yr fix (my LTV is 27%). If I tell it that I'm a Club Lloyds customer they do show a 10yr fix at 3.88%, but that's for existing customers only. 

@elwoodblues On my sourcing tool. But these are only updated once or twice a day so the products might no longer be available.

I'm amazed those rates were available at all from Lloyds this week, thought they pulled a repriced everything on Monday?

K_S

ElwoodBlues said:

K_S said:

ElwoodBlues said:

K_S said:

hippydip said:

Along with many others I'm spending a bit of time trying to work out whether we would be better to pay an early repayment charge for current fixed deal which finishes in April 2023.  Our early repayment is charge is in the region of £2000 - I'm looking to go to a 10 year fixed rate which they have offered me at 3.73% - it's a lot to pay as an early repayment charge but with £153,000 still to pay on the mortgage and bills to pay I'm really needing to know what we will be paying per month - any thoughts on the rate I've been offered?  Been on hold for 2 hours waiting to confirm with mortgage advisor - I appreciate they are busy but oh my goodness

@hippydip There might be some reason you need to stick to Halifax, but if not, I can see Lloyds 60/75% remo 10yr fixes at 2.78-2.83%. Hopefully it's not been pulled.

They are direct only, might be worth checking out the rates available to you on their remortgage website

How do you find those rates?

I just looked and they're only offering 4.02% for years, no mention of a 10 yr fix (my LTV is 27%). If I tell it that I'm a Club Lloyds customer they do show a 10yr fix at 3.88%, but that's for existing customers only. 

@elwoodblues On my sourcing tool. But these are only updated once or twice a day so the products might no longer be available.

I'm amazed those rates were available at all from Lloyds this week, thought they pulled a repriced everything on Monday?

@elwoodblues That's quite possible tbh. Since the mayhem started last Friday the system has been unreliable and has had a big disclaimer asking brokers to double-check with the lender before recommending a specific product.

Direct-only products are only on the tool FYI as we can't access them anyways, so errors don't really matter.