Why can't I have another fixed rate deal??

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jacksback
jacksback Posts: 131 Forumite
edited 8 October 2018 at 2:17PM in Mortgages & endowments
I received a letter from the Halifax this morning saying my fixed rate deal was ending this month and the amount of increase in my mortgage payment. I tried to do a new deal online but it told me to go into the branch,, just been, to be told because my mortgage only has 2 years and 2 months left I cant have a new fixed rate deal!! No explanation just tough! :mad: (there are 2 year fixed deals available btw) So I now have to pay an extra £30 per month for the remainder of my mortgage, this can't be right surely??
Thanks

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  • dawyldthing
    dawyldthing Posts: 3,438 Forumite
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    I think you might be able to go elsewhere with it, but by the time you’ve paid the fees on the new mortgage there might not be much worth doing really
    :T:T :beer: :beer::beer::beer: to the lil one :) :beer::beer::beer:
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
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    Works out at £780 more you will have to pay until you have cleared the mortgage - if you think you can get a new deal with another lender AND save money then go for it - you may find that your total outstanding is too low to get a new deal.
  • antrobus
    antrobus Posts: 17,386 Forumite
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    foxy-stoat wrote: »
    Works out at £780 more you will have to pay until you have cleared the mortgage - if you think you can get a new deal with another lender AND save money then go for it - you may find that your total outstanding is too low to get a new deal.

    This is no doubt a calculation that Halifax Central Command has also made.

    What's the point of offering a 'deal' to a customer who is going to stay with us anyway?
  • jacksback
    jacksback Posts: 131 Forumite
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    antrobus wrote: »
    This is no doubt a calculation that Halifax Central Command has also made.

    What's the point of offering a 'deal' to a customer who is going to stay with us anyway?

    Yes you are probably right but to give no explanation why, to say "you just can't" I think I'll give them a ring and find out the settlement figure, I can probably get a loan with a better interest rate than I am going to be charged by them!
  • somethingcorporate
    somethingcorporate Posts: 9,449 Forumite
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    Could you take it over a longer period of time and just overpay?
    Thinking critically since 1996....
  • kingstreet
    kingstreet Posts: 38,786 Forumite
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    Halifax products are not fixed for two years. They are fixed until (for example at the moment) 31/12/2020.

    If the mortgage ends before that date, it isn't possible to offer a product which outlasts that date.

    What is the exact redemption date of your mortgage?

    It's also worth remembering your final payment is a month before the redemption date as you pay in advance, not in arrears.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • amnblog
    amnblog Posts: 12,456 Forumite
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    Every body is getting in a flap here but should note that Halifax fixed rates are fixed to 31/01/2021 currently.

    If our original poster's mortgage ends before that date, the available rate cannot be applied for obvious reasons.

    Our OP could consider extending the term of the mortgage which will require fresh underwriting.

    [SNAP KS]
    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.
  • jacksback
    jacksback Posts: 131 Forumite
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    I can't see a redemption date it just shows 2 years and 2 months remaining, so November 2020 assume?
  • amnblog
    amnblog Posts: 12,456 Forumite
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    Hence your issue.

    They cannot apply a rate to 31/01/2021 on a mortgage which finishes 30/11/2020
    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.
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
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    jacksback wrote: »
    Yes you are probably right but to give no explanation why, to say "you just can't" I think I'll give them a ring and find out the settlement figure, I can probably get a loan with a better interest rate than I am going to be charged by them!

    The only explanation the telephone drones will give you is computer says no - they have rules and guild lines to follow and thats as far as it goes.

    If you can get a cheaper line of credit then definitely do that as it will be cheaper for you.
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