Changing mortage deals with existing mortgage

[Z064life]

Hi,

My mortgage has changed from interest only fixed-rate to a higher interest (3.99%) repayment mortgage. I am looking to switch to a cheaper deal with the same lender. The lender is scheduled to call me on Monday.


However, what can I expect in such a call (with Halifax btw)?


Thanks

[Sarnie]

Expect a totally scripted convo, directed by you with zero advice.

Take down details of what they offer you, drop me a PM to see if it can be bettered? Nothing ventured etc...

[Z064life]

Sarnie said:

Expect a totally scripted convo, directed by you with zero advice.

Take down details of what they offer you, drop me a PM to see if it can be bettered? Nothing ventured etc...

Ok cool. Is there no pre-requisite or is it that simple? What's the lag time with the change?

[Sarnie]

Z064life said:

Ok cool. Is there no pre-requisite or is it that simple? What's the lag time with the change?

It depends on what you are asking for. If you are wanting to borrow more then expect a full set of underwriting questions. A straight rate change would be simpler but most lenders are notorious for offering mediocre products for current clients and better deals for new clients...hence why I said to drop me a line. The worst that would happen is that you stick with what they offer you

[Z064life]

Sarnie said:

It depends on what you are asking for. If you are wanting to borrow more then expect a full set of underwriting questions. A straight rate change would be simpler but most lenders are notorious for offering mediocre products for current clients and better deals for new clients...hence why I said to drop me a line. The worst that would happen is that you stick with what they offer you

Sure I'll drop you a line after. By stick with what they offer me, you mean the existing product today?


It's a straight rate change, not borrowing more.

[Sarnie]

Z064life said:

Sure I'll drop you a line after. By stick with what they offer me, you mean the existing product today?


It's a straight rate change, not borrowing more.

I mean, if they say to you "We can offer you 3.5% fixed for five years" and you drop me a mail and we discover it can't be beat, then you can stick with what they have offered you.

As I said, nothing ventured and all that!

[reedman]

I change to 5 year deal for 2.99.

Metro bank. I think Nat west had the same deal.

James

[Z064life]

So I spoke to halifax, they are offering 2.64% 2 years fixed.

The house is valued at 270k (was 250k when I got it back in 2010), the SVR is 3.99% or a payment of £625 (After my first deal ended).


A repayment mortgage would be £934, which is well within my income to pay.


Does 2.64% sound like a good deal?

[Sarnie]

Z064life said:

So I spoke to halifax, they are offering 2.64% 2 years fixed.

The house is valued at 270k (was 250k when I got it back in 2010), the SVR is 3.99% or a payment of £625 (After my first deal ended).


A repayment mortgage would be £934, which is well within my income to pay.


Does 2.64% sound like a good deal?

It's impossible to answer without knowing your mortgage balance to ascertain the LTV.........

[Z064life]

Sarnie said:

It's impossible to answer without knowing your mortgage balance to ascertain the LTV.........

Apologies, yhpm.