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Remortgaging Halifax product transfer rate

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pw007
pw007 Posts: 26 Forumite
10 Posts First Anniversary
in Mortgages & endowments
Hi my fixed term ends at the June with the Halifax, since New Year’s Eve I can log in and  see what they are offering as a product  transfer which is currently 4.75%. My question is other lenders are cutting rates (I can find some £100 cheaper per month) do Halifax cut rates for product transfer and when do they update them?
Thanks
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Comments

  • buttonmoon
    buttonmoon Posts: 152 Forumite
    Part of the Furniture 100 Posts Name Dropper
    I called Halifax a couple of days ago to ask when they are going to update their product transfer rate for existing customers and they said they already did! 

    I’m looking a remortgage elsewhere as my ltv is good and my credit is squeaky clean so I’m sure I can get a better rate which is £100+ a month cheaper. 
  • pw007
    pw007 Posts: 26 Forumite
    10 Posts First Anniversary
    Ah right that’s not great. My ltv is 61% and have good credit aswell so I think I will look elsewhere 
  • RelievedSheff
    RelievedSheff Posts: 12,691 Forumite
    10,000 Posts Sixth Anniversary Name Dropper Photogenic
    pw007 said:
    Ah right that’s not great. My ltv is 61% and have good credit aswell so I think I will look elsewhere 
    Can you put some money towards and get that LTV to 60% or below. You will get the very best rates at that.
  • pw007
    pw007 Posts: 26 Forumite
    10 Posts First Anniversary
    Tbh I haven’t got any spare money like that. Been playing around on the remortgage calculators I noticed the difference. One thing I didn’t take into consideration was my age and length of mortgage. I’m 39 and took out 35 year mortgage 5 years ago. Will I just be allowed a maximum of 30 years now? 
  • amnblog
    amnblog Posts: 12,728 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    If you have a larger mortgage (say over £250,000) you could talk to a Broker to get a 4.62% rate with Halifax.
    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.
  • pw007
    pw007 Posts: 26 Forumite
    10 Posts First Anniversary
    My mortgage currently stands at £138,313
  • amnblog
    amnblog Posts: 12,728 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    pw007 said:
    My mortgage currently stands at £138,313
    Looks like the 4.75% then
    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.
  • pw007
    pw007 Posts: 26 Forumite
    10 Posts First Anniversary
    amnblog said:
    pw007 said:
    My mortgage currently stands at £138,313
    Looks like the 4.75% then
    amnblog said:
    pw007 said:
    My mortgage currently stands at £138,313
    Looks like the 4.75% then
    amnblog said:
    pw007 said:
    My mortgage currently stands at £138,313
    Looks like the 4.75% then
    No chance of Halifax dropping the rate even though rates are falling then? 
  • amnblog
    amnblog Posts: 12,728 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 12 January 2024 at 6:19PM
    They dropped it 1st Jan. It is very rare for then to change product transfer rates mid month. Any further change would be 1st Feb in all probability
    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.
  • pw007
    pw007 Posts: 26 Forumite
    10 Posts First Anniversary
    amnblog said:
    They dropped it 1st Jan. It is very rare for then to change product transfer rates mid month. Any further change would be 1st Feb in all probability
    amnblog said:
    They dropped it 1st Jan. It is very rare for then to change product transfer rates mid month. Any further change would be 1st Feb in all probability
    Ok thanks. I don’t need to remortgage til June 31st so hopefully they will drop a bit by then 
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