Halifax Tracker Coming to End

sabelu

Hi my Halifax tracker is coming to an end shortly, my mortgage will increase £30pm. Wanted to remain loyal to Halifax so rang up to discuss possible new deal. They were quite uncooperative and only had new deals that charged fees for the discounted rates. Any advice? I dont really want the hassle of changing to another operator but wont be forced to pay an admin fee either. Any companies out there that would be interested in my business at no cost to me? Or any advice to deal with Halifax, have been with them years and never missed or had a late payment.

lisyloo

Any advice?

Don't be sentimental.
I can't see any reason to remain loyal here, they aren't doing you any favours.

I dont really want the hassle of changing to another operator

Why not?
I've saved £3K before for a few hours work.

Now you may well not be able to save this amount, but what is your objection if the payback is excellent?

Of course if you really don't want to then feel free to pay an extra £30 per month. It's entirely your choice.

Any companies out there that would be interested in my business at no cost to me?

Yes there are quite a few deals with no or low fees, so I would suggest shopping around and doing some research.
You need to remeber to factor in application fees, legal fees, valuation fees, CHAPS fee, exit fees and any admin fee for not taking the new lenders home insurance.

Or any advice to deal with Halifax, have been with them years and never missed or had a late payment.

Don't be sentiment.
They are not showing any loyalty or even good service to you.
Look at the facts and go with the money.
Unless you can't be bothered, bit if that's the case then why are you here?
I suspect you DO want to save the £30 per month but are a little put off by the perceived effort.

My advice is always to estimate the payback.
e.g. estimate the savings and divide by number of hours and then see how it looks.
Obviously you can only make an estimate but in general it works.
e.g. £3 per hour is not worthwhile, but £1000 per hours definitely is.

silvercar

Halifax have good deals for existing customers that you can access online. A lot less hassle than changing to a new operator.

They do have fees, but I doubt you would get such a good deal from a different lender with no fees, valuation or legal costs.

_Andy_

Is it a tracker that you're after again?

You could look at both Woolwich (subject to LTV) and HSBC who both have competitively priced no-tie-in trackers currently. (+0.74% and 0.99% above BOE respectively).

beecher

sabelu wrote: »

They were quite uncooperative and only had new deals that charged fees for the discounted rates. .

You won't find a discounted rate anywhere which doesn't charge a fee. Have you looked at their term tracker? It is £299. I'm not sure why you see it as an admin fee - it is a fee to get a cheaper product.

You need to factor in all the expense of moving - if your mortgage is small (and it seems to be since £30/month increase isn't huge) you won't save much. I'll probably stay with them when my deal ends at the end of the year.