Halifax Re-Mortgage - property down valued.

2catsandcounting

Hello

We submitted our remortgage application earlier this week with Halifax, and our MB came back this morning to say that the Mortgage Offer has been issued, and we should receive it in the post in the next couple of days.  She also says that our house was downvalued by £10k, taking us from 74.7% LTV to 78.9% LTV, but this hasn't effected the product we chose. 

I'm just in a slight panic, as I thought the rate band for halifax dropped at 75%LTV (so we were just under), so would Halifax have honoured this? Or is the "product" and the rate not the same thing?  I've just done a quick calculation on their website and it puts our payments up by £3 a month if we go onto the next rate up 4.52%, opposed to 4.49%, which isn't the end of the world in the grand scheme of things. 

This is the first time we've remortgaged, so i'm a little new to all this.  

Many thanks 

Maka344

I would check with your broker. They may have opted for a product at 80% therefore, there’s no issue. 

K_S

2catsandcounting said:

Hello

We submitted our remortgage application earlier this week with Halifax, and our MB came back this morning to say that the Mortgage Offer has been issued, and we should receive it in the post in the next couple of days.  She also says that our house was downvalued by £10k, taking us from 74.7% LTV to 78.9% LTV, but this hasn't effected the product we chose. 

I'm just in a slight panic, as I thought the rate band for halifax dropped at 75%LTV (so we were just under), so would Halifax have honoured this? Or is the "product" and the rate not the same thing?  I've just done a quick calculation on their website and it puts our payments up by £3 a month if we go onto the next rate up 4.52%, opposed to 4.49%, which isn't the end of the world in the grand scheme of things. 

This is the first time we've remortgaged, so i'm a little new to all this.  

Many thanks 

@2catsandcounting To avoid the stress of waiting for it to come in the post, just ask your broker to send you the copy of the offer so you can review it for yourself, they can download it from the Halifax case portal, only takes them a minute.

It could be the case that when you applied both the 75% LTV and 80% LTV products had the same rate.

2catsandcounting

Thanks all - she's sent me a copy (not sure why didn't in the first place, rather than me asking a million questions)  Looks like were on 4.52% which is the 80%LTV rate so the slightly higher payment.

Tbh, i'm just relieved were sorted.  Our first mortgage was with an adverse credit lender due to me getting caught up in a payday loan cycle in 2013, so its a lower rate than we were on, but, I was still slightly panicked that it would impact us, as a couple of defaults were still hanging around on my credit file from late 2015.