Halifax Product Transfer

biggingerdazza

I wondered if anyone knew what questions are asked by halifax when applying for a simple product transfer towards the end of a current mortgage deal? I ask as my wife and I are split up, and she lives elsewhere, and we don't want to go on the SVR... so I want to apply for a short term product transfer where the mortgage rate will be better than the SVR, just whilst we sort out our divorce. Obviously if we get asked certain questions they might turn around and suggest we can't do the product transfer due to my wife leaving. Would welcome any insight into the questions

chanz4

zero zilch which one do you want to choose 

JMA74

Even if they do ask, Halifax dont require both applicants to be living in the property.  They dont ask. But if they did it would be fine

biggingerdazza

JMA74 said:

Even if they do ask, Halifax dont require both applicants to be living in the property.  They dont ask. But if they did it would be fine

JMA74 - do they ask "if your circumstances have changed" type questions?

amnblog

They do not, if you are seeking to simply request a new rate 

randomtom

I'm doing a Halifax Product Transfer at the moment and it's very simple. There are no financial checks etc. You can find the current rates here, I expect they'll be adjusted again early March: https://amortgagenow.co.uk/halifax-product-transfer-rates-for-existing-customers-only/

biggingerdazza

randomtom said:

I'm doing a Halifax Product Transfer at the moment and it's very simple. There are no financial checks etc. You can find the current rates here, I expect they'll be adjusted again early March: https://amortgagenow.co.uk/halifax-product-transfer-rates-for-existing-customers-only/

Do they offer a straight variable product (not the SVR) with no lock-in/ERC? And do you know what rate that is currently?

JMA74

biggingerdazza said:

randomtom said:

I'm doing a Halifax Product Transfer at the moment and it's very simple. There are no financial checks etc. You can find the current rates here, I expect they'll be adjusted again early March: https://amortgagenow.co.uk/halifax-product-transfer-rates-for-existing-customers-only/

Do they offer a straight variable product (not the SVR) with no lock-in/ERC? And do you know what rate that is currently?

No, they havent offered anything apart from Fixed Rates and SVR for years. 

dougson

Currently with Halifax, on a fixed term, set to move to SVR on 1st October. Still got over 20 years to go and mulling over whether to fix/track and for how long.

I think a product transfer probably makes sense, as I've recently taken on about 10k of credit card debt (mostly related to external repairs to the flat). Also feeling a bit burned as last time I transferred via a broker I found myself on SVR for a fortnight, costing me far more than I saved by switching provider and right now this would leave me with cashflow issues I couldn't resolve.

My question is if I see my options on April 1st, can I accept a fixed rate, but then take a lower rate if this drops in say August?

I understand from this thread that the rate is standardized (ie my recent borrowings won't impact eligibility for a PT or force me on to a higher rate) and I also see above that the process for a PT is reasonably quick.

My thought process is that I feel far more inclined to agree to a 5 year fix at 4% and have that peace of mind knowing if it drops to 3.8 in the following weeks I can grab that instead. Otherwise I am prepared to run the gamble that BOE rates will have peaked by then and will take my chances on a tracker to ride it down. 

xzibit

Our fixed rate ends with Halifax soon. Our paperwork says we will revert to 4.24%. This was dated January 2020. What will we actually revert to? That paperwork is all we have stating the payments after the fixed rate ends. 

RelievedSheff

xzibit said:

Our fixed rate ends with Halifax soon. Our paperwork says we will revert to 4.24%. This was dated January 2020. What will we actually revert to? That paperwork is all we have stating the payments after the fixed rate ends. 

Halifax current SVR is 6.99%.

Your paperwork will state that you will revert to the SVR. It will give you the rate at the time the paperwork was issued but that is not a guaranteed rate.