Halifax Product Transfer

blue94

Hello, can anyone explain the Halifax product transfer process? How quickly can it be done, do they run further credit checks ect if I am making no changes? I.e keeping balance the same and moving to a new rate.
Thanks 

kingstreet

You pick a rate and accept it.

No checks of any kind.

blue94

kingstreet said:

You pick a rate and accept it.

No checks of any kind.

Do you know how long the process normally takes?

CSI_Yorkshire

blue94 said:

kingstreet said:

You pick a rate and accept it.

No checks of any kind.

Do you know how long the process normally takes?

How fast can you click online?

blue94

CSI_Yorkshire said:

blue94 said:

kingstreet said:

You pick a rate and accept it.

No checks of any kind.

Do you know how long the process normally takes?

How fast can you click online?

This is the first I’ve learned today that no checks are done when you select a product transfer with your currently lender and I’m baffled by it

CSI_Yorkshire

blue94 said:

CSI_Yorkshire said:

blue94 said:

kingstreet said:

You pick a rate and accept it.

No checks of any kind.

Do you know how long the process normally takes?

How fast can you click online?

This is the first I’ve learned today that no checks are done when you select a product transfer with your currently lender and I’m baffled by it

They know you've been keeping up with payments, they already have the charge on the property to cover their risk, they already have your bank details....

If all you're doing is picking a new rate, and not changing lender, asking for more money, etc, then it really is a couple of clicks.

amnblog

Swopping rate is an administrative exercise more than anything. They hold the risk whatever your current circumstances.

Please note, if you have a larger mortgage (say over £150,000) you should speak to a Broker before swopping rate direct with Halifax as you may get access to a lower cost rate.

al3xp

Just make sure you accept the offer it sends you. Another member on here was caught out when they got an email as it is a bit misleading. Your rate is not locked in until you've accepted the documents online.

chanz4

al3xp said:

Just make sure you accept the offer it sends you. Another member on here was caught out when they got an email as it is a bit misleading. Your rate is not locked in until you've accepted the documents online.

it clearly says though?

al3xp

chanz4 said:

al3xp said:

Just make sure you accept the offer it sends you. Another member on here was caught out when they got an email as it is a bit misleading. Your rate is not locked in until you've accepted the documents online.

it clearly says though?

It's misleading because it says (from my first email before I accepted the changes when I did mine 1st of May):

For your mortgage changes to start on 1 November, read and accept your mortgage documents by 31 October.

It makes it sound like you have 6 months to accept them, but the rate isn't actualy locked in until you do.

blue94

amnblog said:

Swopping rate is an administrative exercise more than anything. They hold the risk whatever your current circumstances.

Please note, if you have a larger mortgage (say over £150,000) you should speak to a Broker before swopping rate direct with Halifax as you may get access to a lower cost rate.

Do you have to fix for the same term? So I fixed for 5 years previously. Could I do a product transfer and fix for 2?