Halifax product transfer

Backgroundcat1214

Hi all, 

This situation is hypothetical because I am next level crazy worrier!!

My work are making redundancies (albeit voluntary at the moment). I don’t think my role will be at risk. My fixed term is up in March next year (yes I know I’m crazy).

If I was made redundant prior to the remortgage and hadn’t yet secured a new role, would the best advice be to stick with my current lender (Halifax) and do a product transfer? Do Halifax do any further affordability checks?

We would be able to continue to make payments no problems. 

We used a broker as when we bought we were FTB’s but I’m guessing I shouldn’t tell my broker if I am made redundant as they would be obliged to tell them right? And I guess I can just do the product transfer myself without a broker anyway.

GrumpyDil

Yes, if you were unfortunate enough to be made redundant then a product transfer would likely be your best option as, from my experience anyway, they don't do any checks or ask for updated information.

amnblog

There is no credit scoring or affordability checks for a Halifax product transfer. 

Backgroundcat1214

amnblog said:

There is no credit scoring or affordability checks for a Halifax product transfer. 

Amazing!! Thank you 

Hoenir

On any new mortgage application you'd need to declare that your current contract ends next March. Employers use contract staff to provide flexibility. Where there's longer term plans in motion. 

Backgroundcat1214

Hoenir said:

On any new mortgage application you'd need to declare that your current contract ends next March. Employers use contract staff to provide flexibility. Where there's longer term plans in motion. 

I was referring to my fixed term on my mortgage being up in March. 

I am on a permanent contract with my job.

Yorkie1

Backgroundcat1214 said:

Hoenir said:

On any new mortgage application you'd need to declare that your current contract ends next March. Employers use contract staff to provide flexibility. Where there's longer term plans in motion. 

I was referring to my fixed term on my mortgage being up in March. 

I am on a permanent contract with my job.

Might be worth editing your post, as "fixed term" is a phrase used by most people in relation to employment.

What you meant in relation to your mortgage is that your "fixed rate" is coming to an end. Very different thing!

Backgroundcat1214

Yorkie1 said:

Backgroundcat1214 said:

Hoenir said:

On any new mortgage application you'd need to declare that your current contract ends next March. Employers use contract staff to provide flexibility. Where there's longer term plans in motion. 

I was referring to my fixed term on my mortgage being up in March. 

I am on a permanent contract with my job.

Might be worth editing your post, as "fixed term" is a phrase used by most people in relation to employment.

What you meant in relation to your mortgage is that your "fixed rate" is coming to an end. Very different thing!

Don’t think it can be edited now but thanks for clarifying. I work in HR so talk about fixed terms all the time so it’s just translated over in my mind.