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    • mark van Cuylenburg
    • By mark van Cuylenburg 12th Oct 17, 9:40 AM
    • 1Posts
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    mark van Cuylenburg
    Applying for lower interest rate
    • #1
    • 12th Oct 17, 9:40 AM
    Applying for lower interest rate 12th Oct 17 at 9:40 AM
    We have a mortgage from Halifax which we obtained in 2008. Initially we were fixed for 4 years and then went onto 1 1/2% above base rate. No problems encountered, payments all up to date. Now with interest rates rumored to be rising we wanted to fix at a lower rate. We contacted Halifax and they appear to be selling us a new product. Is this correct? Or should they just adjust the interest rate on the existing product? Are we just feeding the mortgage adviser commission? Is it necessary to buy a whole new product?
Page 1
    • zx81
    • By zx81 12th Oct 17, 9:52 AM
    • 17,213 Posts
    • 18,288 Thanks
    • #2
    • 12th Oct 17, 9:52 AM
    • #2
    • 12th Oct 17, 9:52 AM
    If you want a product with a different rate, you need a new product.

    There would be little incentive for them to simply reduce people's interest rates without new minimum terms, product fees or ERCs.
    • kingstreet
    • By kingstreet 12th Oct 17, 9:53 AM
    • 33,543 Posts
    • 18,180 Thanks
    • #3
    • 12th Oct 17, 9:53 AM
    • #3
    • 12th Oct 17, 9:53 AM
    Halifax has product transfer options, from which you pick.

    When the new product ends, you will revert to the standard variable rate which, IIRC is 3.49%.
    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.
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