Halifax Fixed Rate Coming to end ‘tailored’ rate offered is higher than web rates!

My mortgage is due to renewal as I’m coming to the end of my 5 year fixed rate. I logged onto my Halifax account to look at the options at the end of my term. One of the options offered for example is a two year fix at 5.03%. I then put the same figures for a remortgage into the Halifax website and it offers me a rate of 4.81%. I’ve never missed a mortgage payment. I thought that Halifax offered existing customer lower rates not higher! 
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  • RelievedSheff
    RelievedSheff Posts: 11,103
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    Remortgage elsewhere if you don't like the rates they have offered.

    Halifax don't have fixed offers for product transfers they are tailored to each customer. 
  • Mark_d
    Mark_d Posts: 262
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    Potentially their estimation of your property's value is different to yours? A different LTV ratio would explain different interest rates.
  • buttonmoon
    buttonmoon Posts: 152
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    Mark_d said:
    Potentially their estimation of your property's value is different to yours? A different LTV ratio would explain different interest rates.
    My Halifax estimated my LTV as 66% and my property value. So I put the same property value into the Halifax online calculator to achieve a 66% LTV.  

    As I’ve got 6 months I can sit tight for a while. 
  • Yorkie1
    Yorkie1 Posts: 11,526
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    Did you double check whether they both had / did not have fees attached, or whether there was a difference in the products based on that?
  • amnblog
    amnblog Posts: 12,385
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    Halifax have different rates for new and existing borrowers.

    Each existing borrower has their own set of rates offered and these are not published anywhere by Halifax.

    If you have a mortgage of around £175,000 or higher use a Broker for a wider and less expensive range of Halifax rate options.

    The smart move if you are six months away from needing the new rate is:

    Find a Broker and secure a rate now (you then have that rate held if rates later increase)

    Ask the Broker to monitor future changes and get you on to the lower rate if one comes up

    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Shdeez
    Shdeez Posts: 5
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    I have the same - fixed rate of 5.03% compared to the rate showing on comparison websites of 4.81%. both are no fee products so unsure if they just have different pricing. Will check again in a few days otherwise apply elsewhere as looks like some have dropped to the 4.8% mark
  • ACG
    ACG Posts: 23,611
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    I think the "tailored" rates are a load of rubbish.

    They are just their customer retention products as all of my customers have the same products. Their retnetion products are not very good. They have been bad for at least 6 months, they have not been coming down with the general rate reductions. 

    So you have a choice, stick with them for ease or switch lenders. 
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • amnblog
    amnblog Posts: 12,385
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    Shdeez said:
    I have the same - fixed rate of 5.03% compared to the rate showing on comparison websites of 4.81%. both are no fee products so unsure if they just have different pricing. Will check again in a few days otherwise apply elsewhere as looks like some have dropped to the 4.8% mark
    The 5.03% rate is the no fee product, via a Broker you can get 4.72% (fee product).

    If you can challenge the valuation, you may be able to get as low as 4.59%
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • ragtime27
    ragtime27 Posts: 17
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    There is no such a tailored product for each costumer.
    One for new costumer and for existing costumer.
    Then loan to value (LTV)kicks in, the lower the LTV the lower the rates.
    Ltv are i believe if I'm not wrong. 85%, 80%, 75%, 60%.
    Halifax cut their rates today.
    Your options are accepting their rates( don't do it now, rates going down)
    Or for hard check and from scratch application with another lender.
    Or use mortgage broker( advantage, if the rates goes down before your new product kicks in, the rates drops as well)
  • amnblog
    amnblog Posts: 12,385
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    ACG said:
    I think the "tailored" rates are a load of rubbish.

    They are just their customer retention products as all of my customers have the same products. Their retnetion products are not very good. They have been bad for at least 6 months, they have not been coming down with the general rate reductions. 

    So you have a choice, stick with them for ease or switch lenders. 
    We do hundreds of these and a small proportion of borrowers do get different rates.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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