New Halifax 3.6% 3yr Fixed Rate - worth going for?

housebuyer143

hildosaver said:

simon_or said:

As you're already with Halifax, will they not allow you to reserve the switch and set it to start on 1 Nov? I would be surprised if it was still available after the month.

hildosaver said:

I just rang Halifax and they confirmed that I would be eligible to switch to the 3yr rate of 3.69% on 1st November which is brilliant news for me - just hope to goodness that rate is still available on that date. I could switch now but it would cost me just over £1k to do it so for the sake of 3 weeks I am willing to take the chance.

They said this was an offer just launched as a gesture from the bank to their customers due to the current cost of living crisis.

I asked about this and they said that all I could do would be to break from my current deal for £1k and switch today.

I don't be tempted to pay £1k for that deal, especially as you are otherwise looking at over 6% next month. Guess it depends on your loan amount as to whether it's worth it.

hildosaver

housebuyer143 said:

hildosaver said:

simon_or said:

As you're already with Halifax, will they not allow you to reserve the switch and set it to start on 1 Nov? I would be surprised if it was still available after the month.

hildosaver said:

I just rang Halifax and they confirmed that I would be eligible to switch to the 3yr rate of 3.69% on 1st November which is brilliant news for me - just hope to goodness that rate is still available on that date. I could switch now but it would cost me just over £1k to do it so for the sake of 3 weeks I am willing to take the chance.

They said this was an offer just launched as a gesture from the bank to their customers due to the current cost of living crisis.

I asked about this and they said that all I could do would be to break from my current deal for £1k and switch today.

I don't be tempted to pay £1k for that deal, especially as you are otherwise looking at over 6% next month. Guess it depends on your loan amount as to whether it's worth it.

I'm tempted yes but a big part of me feels it's a waste of money as I literally have only 3 weeks to wait till I can switch for free. I am very worried though that I could miss this deal if everything was to change before the 1st November. Honestly don't know what to do.

Moneysavernov

hildosaver said:

housebuyer143 said:

hildosaver said:

simon_or said:

As you're already with Halifax, will they not allow you to reserve the switch and set it to start on 1 Nov? I would be surprised if it was still available after the month.

hildosaver said:

I just rang Halifax and they confirmed that I would be eligible to switch to the 3yr rate of 3.69% on 1st November which is brilliant news for me - just hope to goodness that rate is still available on that date. I could switch now but it would cost me just over £1k to do it so for the sake of 3 weeks I am willing to take the chance.

They said this was an offer just launched as a gesture from the bank to their customers due to the current cost of living crisis.

I asked about this and they said that all I could do would be to break from my current deal for £1k and switch today.

I don't be tempted to pay £1k for that deal, especially as you are otherwise looking at over 6% next month. Guess it depends on your loan amount as to whether it's worth it.

I'm tempted yes but a big part of me feels it's a waste of money as I literally have only 3 weeks to wait till I can switch for free. I am very worried though that I could miss this deal if everything was to change before the 1st November. Honestly don't know what to do.

3 weeks is a very long time with how quick everything is moving at the moment. 

Moneysavernov

The rate I was looking at went from 3.79 to 4.44 to 4.8 in a week  

hildosaver

Moneysavernov said:

The rate I was looking at went from 3.79 to 4.44 to 4.8 in a week  

Urgh, ok I think I'm going to just pay up and get the 3yr fixed deal today.

raf300

hildosaver said:

I just rang Halifax and they confirmed that I would be eligible to switch to the 3yr rate of 3.69% on 1st November which is brilliant news for me - just hope to goodness that rate is still available on that date. I could switch now but it would cost me just over £1k to do it so for the sake of 3 weeks I am willing to take the chance.

They said this was an offer just launched as a gesture from the bank to their customers due to the current cost of living crisis.

Wow that is good.
At the moment the best for  HSBC existing customers is over 5% for all their fixes 
others lenders for new customers is nearer 6% 

Moneysavernov

hildosaver said:

Moneysavernov said:

The rate I was looking at went from 3.79 to 4.44 to 4.8 in a week  

Urgh, ok I think I'm going to just pay up and get the 3yr fixed deal today.

Think that would be best. You would kick your self if you didn’t.  

Nothing worse than paying a fee for nothing but if the rate moves  you will save thousands. 

31st of October will be intresting 

[Deleted User]

Irn_Dru said:

Hi everyone,
I'm currently on a 2yr fixed rate at 2.8% which ends in September 2023. 
As our LTV is less than 60% we've been offered the chance to take up their offer of a 3yr fixed rate at 3.6%.
We can't decide on whether to switch as we'd be paying to leave our current deal (about 1.5k ERC) just to enter a deal which is technically more expensive for us.
But given how interest rates may rise in the next year or two, does it make sense just to go ahead and switch.
I guess it's unlikely we'll be offered 3.6% next summer when we come to renew, but who can say?
Any thoughts would be welcome.
Thank you!
Andrew

If going for it, decide as soon as you can as those rates are not available with the recent increases.

Do they have 5 years, if it is also competitive might be worth considering.

hildosaver

Moneysavernov said:

hildosaver said:

Moneysavernov said:

The rate I was looking at went from 3.79 to 4.44 to 4.8 in a week  

Urgh, ok I think I'm going to just pay up and get the 3yr fixed deal today.

Think that would be best. You would kick your self if you didn’t.  

Nothing worse than paying a fee for nothing but if the rate moves  you will save thousands. 

31st of October will be intresting 

Yes it's because I know that things could (and likely will) change in the markets on 31st October that has kinda forced my hand a bit. I've just rang Halifax again and have now paid my £1075 ERC and all being well should be on the 3yr fix by 1st November. Bit annoyed I had to pay the ERC but I think it was probably the best move.

Irn_Dru

hildosaver said:

I just rang Halifax and they confirmed that I would be eligible to switch to the 3yr rate of 3.69% on 1st November which is brilliant news for me - just hope to goodness that rate is still available on that date. I could switch now but it would cost me just over £1k to do it so for the sake of 3 weeks I am willing to take the chance.

They said this was an offer just launched as a gesture from the bank to their customers due to the current cost of living crisis.

Hi! I take it you are waiting until Nov 1st because that's when your current fixed runs out - and so no ERC would be payable? Just checking in case I can absolve myself from paying the ERC! I have 1 year left on my 2 year fixed...