remortgage - halifax

Lisa1978

Hopefully this helps someone as i've seen a few questions on remortgaging lately. 

We were very lucky to have had a 1.55% rate the last few years.  Our fixed rate expires 31st July so last month i started logging in daily to see the proposed rates.  They were 4.7% most days for the last month.  Today its up to 4.90% so i decided to take out a 2 year fixed incase it keeps rising.  Off course kicking myself i didn't go for it last week when it was the 4.7% but was hoping it would decrease!

It will cost an additional £140 a month but i also shopped the market and very few rates were better.  Some were around 4.8% but then that meant moving to a new lender and the additional cost/admin burden.  Heres hoping by July 25 they decrease again! 

simon_or

For next time keep a reminder to check what's available (both with Halifax and in the wider market) 6 months before expiry, so you could/should have secured a rate in early Feb and then changed to a cheaper one if rates went down.

For a fix ending in 2025 July, start looking in 2025 Feb or even earlier with some banks.

Lisa1978

simon_or said:

For next time keep a reminder to check what's available (both with Halifax and in the wider market) 6 months before expiry, so you could/should have secured a rate in early Feb and then changed to a cheaper one if rates went down.

For a fix ending in 2025 July, start looking in 2025 Feb or even earlier with some banks.

Thanks for this advice. i will definitely do this come Feb 25. 

kingstreet

For future readers, this relates to a product transfer with existing lender, not a remortgage. The latter means a new mortgage with a new lender to replace the current one.

Trebor2013

Jumping on this post (sorry Lisa ) as I'm in a similar boat looking to switch deals with Halifax who are our current mortgage lenders.

Mortgage balance £100k, house value £280k (approx 35% LTV). Currently paying £483/month with fixed rate of 1.56%...

Our current fixed rate ends on 31/10/2023 and Halifax are offering the following rates at this present time:

2 year fixed - 4.75% - £644/month 

5 year fixed - 4.27% - £618/month

10 year fixed - 4.36 - £622/month

Preference I feel would be 2 years, although £26/month more a month than 5 year fixed (manageable), purely on a timescale point of view, we're hoping to move home in the next couple of years, so the other two don't seem to make sense in regards to ERC's? Unless others think different...?? Opinions welcome.

Whilst nobody has a crystal ball in regards to what the interest rates are likely to do; as suggested above, if we lock in one of the above offers with Halifax, and miraculously the rates were to drop a little by October, could we go back to Halifax for a better rate before our new fixed rate kicks in on 01/11/2023?

TIA.