Product Transfer

herewego123

Hi All

Just trying to get a sense of reality here 

I'm no where near the end of my fixed term yet but when it comes to it coming to the end what actually happens - Will they need to do it all again if I product transfer and do the checks , credit and affordability again, or is it just a click of a button online to click what product I want and that's it ?

any help or experience with Halifax would be appreciated as i want to get myself in the strongest of possible circumstances as possible before then 

Many Thanks 

DullGreyGuy

If you remortgage with the same provider then it's little more than a click of a button/couple of forms to sign. They will have indexed the property and use that for the LTV calc and so offer. If you wanted to appeal the valuation then it'd be more work. 

If you decide to switch to another company then its affordability checks, valuation survey, legals etc but no way the level of buying the property - ie no searches or negotiations etc. The costs are covered by the mortgage lender/the product fee. 

Mark_d

You just need to give them a call, book and pay the initial charges for your new mortgage rate, then they'll send out the paperwork.  There's no need to do the full checks again.

Why wait to put yourself in the strongest position? I suggest regularly reviewing credit reports, not making many credit applications in a short space of time, keeping bills low.

ACG

When we do it (brokers) we log in, enter some details (account number etc), choose a new product and get the paperwork sent out. 

There is no underwriting again, but its also slightly more than a click of a button. Nothing too taxing though.

herewego123

Thanks all

What about affordability checks and credit checks ?

Emmia

As long as you're up to date on payments and stick with the same provider it can probably be done online in a few clicks - I've not had credit searches done when we've switched to a new fix with HSBC.

herewego123

Yes up to date 
Want to stay with Halifax xx

amnblog

If your borrowing is close to or over £150,000, check with a Broker before doing a switch direct with the Halifax.

(often the Broker will be bale to access rates that will be more beneficial for you)

herewego123

Literally by then I'll have about 95k left on the mortgage 

Emmia

herewego123 said:

Yes up to date 
Want to stay with Halifax xx

In which case, don't bother with the broker - just keep an eye on the rates, and the date on which you can sign up for the new product, and make the switch to whatever deal works out best for you.

chanz4

login click on mortgage account, says switch deal shows you a list. confirm done