Too late to lock in?

Lotstogain

Hi all,

Wondered if anyone could offer a bit of advice on the following ....

My fixed rate ends in November and Halifax have already contacted me with their new offers, both higher (as expected) than current deal.  I'm on 3.24% and the offers are  2 year fixed at 4.55% or 5 year fixed at 3.86%.

I have no other debt (I previously had quite a bit but cleared it thanks to advice on here).  Unless I'm missing something, I don't see any providers with better rates atm. 

Is it too late to ask them if they will lock in my current rate, and you think its worth a try, how long should I request - or will that depend on them.  I think rates are supposed to drop next year?

Any advice/tips much appreciated.  Thanks.

K_S

@lotstogain I'm not sure I understand your question, but if Halifax has offered you a PT (product transfer/product switch/rate switch) rate that you're happy with, and it allows you to complete on 01 December (assuming your current fix ends on 30 Nov), then yes you should be able to lock in that rate by booking the PT.

Lotstogain said:

Hi all,

Wondered if anyone could offer a bit of advice on the following ....

My fixed rate ends in November and Halifax have already contacted me with their new offers, both higher (as expected) than current deal.  I'm on 3.24% and the offers are  2 year fixed at 4.55% or 5 year fixed at 3.86%.

I have no other debt (I previously had quite a bit but cleared it thanks to advice on here).  Unless I'm missing something, I don't see any providers with better rates atm. 

Is it too late to ask them if they will lock in my current rate, and you think its worth a try, how long should I request - or will that depend on them.  I think rates are supposed to drop next year?

Any advice/tips much appreciated.  Thanks.

Lotstogain

Sorry, I wasn’t clear - I want to stay on my current (lower) rate and I thought I’d read on this site that you could ask current provider to let you stay on current rate .. for a time? Is that wrong? 

Fiveboy

I thought you cannot extend a Fix timescale, when it ends you can either change to another fixed mortgage like they offered you, change mortgage provider or do nothing and go on the Standard Variable rate.

Or do you mean extending the mortgage term, to increase the years of the overall mortgage? this can lower the monthly payments but you will pay more in interest in the end. 

MorningcoffeeIV

Lotstogain said:

Sorry, I wasn’t clear - I want to stay on my current (lower) rate and I thought I’d read on this site that you could ask current provider to let you stay on current rate .. for a time? Is that wrong? 

Yes, that's wrong.

Or rather, you can ask, but they'll say no.

Lotstogain

Thank you all.  Gosh, in retrospect it of course sounds too good to be true.  Thank you for saving me the embarrassment!

Edi81

The rate you are charged is linked to how much it costs Halifax to borrow the cash. 

They can no longer borrow at the lower rate so have to pass that increase onto you.