Affordability

Jimmyc

Hi, 
our mortgage deal expires in about a year 😥 we are having a brief look at what rates are, our mortgage is currently with Halifax, if we remortgage with Halifax do they need to review affordability? 

When I was In branch recently an advisor indicated sometimes you get better rates then what’s advertised, does anybody know if that’s correct? 

kingstreet

It's a retention product or "product transfer" in Halifax parlance and no, no status or affordability checks are required. A remortgage is a new mortgage with a new lender to replace the current/old one.

Jimmyc

Would the retention offer be specific to us or would it be the same as for example our next door neighbour with the same house, same value, same LTV?

would it be much different from what’s advertised?

kingstreet

Halifax PT products are based on LTV, with/without product fee, loan size etc. If your mortgage matches your neighbour's in those respects the products offered would be the same.

With a note of your roll/account number a broker can tell you your current Halifax PT options even if you aren't within the ERC-free PT window. No idea if this is available direct.