Mortgage Dilemma - FTB

LunaAndBelle

I have a dilemma that would appreciate any advice please!

I was buying my first property earlier in the year but I pulled out due to awful survey results. My mortgage was approved with Halifax - who had the best rates at the time.  Coincidentally, they just happened to be with who I bank with, too.  

I have now had an offer accepted on another property and my mortgage advisor has asked Halifax about the change. As that product has now gone, it’s a new product but they’re not the best now. The current product is 4.49% fixed for 5 years with a £100 valuation fee. 

However; I have been pointed to a new product with Barclays. This is 4.24% with no lender fees. It works out at £12 less a month and of course no fees. This does mean another hard search and conscious of the repercussions on this. 

I’ve only heard great things about Halifax but nothing about Barclays. 

I’d like to stick with Halifax but it’s a shame they’re not cheaper. 

Any advice please? Thanks!

Edi81

At the end of the day it’s your choice. 

Halifax - pay more
barclays pay less
if you make all your payments with no issues you will never have any contact with the lender. 

Others may know more about who currently have better retention rates but that could change in the future. 

DE_612183

you could ask halifax when their new rates come out - they change almost monthly so it could just be that Barclays have either new or old rates and halifax will follow shortly ( or they may have already upped theirs )!

ACG

I would rather poke my eyes out with a rusty nail than I would send a case to Barclays.

LunaAndBelle

DE_612183 said:

you could ask halifax when their new rates come out - they change almost monthly so it could just be that Barclays have either new or old rates and halifax will follow shortly ( or they may have already upped theirs )!

Good point. I’ve asked this question to the mortgage advisor. 

ACG said:

I would rather poke my eyes out with a rusty nail than I would send a case to Barclays.

Ouch! I was very happy with Halifax before as they were so quick. 

kingstreet

If it was my mortgage I would go nowhere near Barclays.

ACG

kingstreet said:

If it was my mortgage I would go nowhere near Barclays.

Tone it down a bit! Your making my comment look tame   

K_S

LunaAndBelle said:

I have a dilemma that would appreciate any advice please!

I was buying my first property earlier in the year but I pulled out due to awful survey results. My mortgage was approved with Halifax - who had the best rates at the time.  Coincidentally, they just happened to be with who I bank with, too.  

I have now had an offer accepted on another property and my mortgage advisor has asked Halifax about the change. As that product has now gone, it’s a new product but they’re not the best now. The current product is 4.49% fixed for 5 years with a £100 valuation fee. 

However; I have been pointed to a new product with Barclays. This is 4.24% with no lender fees. It works out at £12 less a month and of course no fees. This does mean another hard search and conscious of the repercussions on this. 

I’ve only heard great things about Halifax but nothing about Barclays. 

I’d like to stick with Halifax but it’s a shame they’re not cheaper. 

Any advice please? Thanks!

@lunaandbelle Assuming that the Halifax hard check was 1-2+ months ago, I wouldn't worry too much about that tbh.

With respect to the lender, imho the best lender is one that's willing to lend me the money I need at terms (primarily rate) that I'm happy with and offers any features that I need (eg: overpayment allowance, porting, etc.)

Whether that is Halifax, Barclays or the Bank Of Timbuktu doesn't really matter to me tbh. 

Now if it were me lending money to someone, then I'd be much more discerning!