Halifax Tracker

monkeymind

Hi,

Can anyone advise me please,
We have been with Halifax for the past 2 yrs which has now come to an end, our advisor (who doesn't charge fees) has advised we sign up to the new Halifax Tracker over 2 yrs min at 5.850% with a variable rate which is 0.6000% above BoE charges, the loan amount is £78,442. The Halifax require £399.00 product fee to change from our current mortgage to this new one. What I'd like to know is this a good deal and do we have to pay a product fee if we are customers with them already? Would there be a smaller fee if we went to them direct?
Hope you can advise as all of this is new to me!!

barrymoney

This is the exact same tracker offer I received from Halifax directly (i.e. I phoned them up). Same rate, same fee. My circumstances are the same as yours, coming off 2 year fix.

There are surely better deals via re-mortgage with a new lender, but for my own reasons I didn't want to re-mortgage right now, so I took that rate. You're mortgage is a bit smaller than mine too -- large fees on some deals might out-weigh advantage of switching lender.

Jag1978

I'm the same position... With Halifax my deal ends this month. Even if you continue onto a new deal with Halifax you will still have to pay arrangement fees. Benefits of staying with Halifax - No Solicitors fees, No evaluation fees and no deed release fees. Then again on the flip side your new provider can often pay the solicitors and valuation fees which only mean you have to pay the product and deed release fee (£175ish)

First Direct's lifetime Tracker @ 5.74 - Which is 0.49% over base rate with a £399 fee sounds good. But I'm not sure of what other fees are involved

Regards

Jag

Woodgnome_2

You may be better fixing for two years with First directs 2yr 5.25% and only a £99 fee.

Rates may drop a little but I don't think they will fall that much.