any mortgage buffs here ?

[Bobminda]

Long shot .....Any1 a mortgage adviser or understand mortgages ?

Surely this is a no brainer or am i missing something :confused:

http://www.halifax.co.uk/mortgages/existing-customer-discounted-95LTV.asp

[Stuart]

feck thats good if you are already a customer

[The Simps]

I'm a mortgage advisor. Thats a very good rate, especially for the LTV. Especially good from Halifax as they are usually a-holes when it comes to re-negotiating your existing deal with them. They have a poor retention rate historically.

[Bobminda]

feck thats good if you are already a customer

thats what i thought ! the fee is a lot but as my morgage is...lets just say quite high it's gonna work out a saving in the long run

Gonna call them tomorrow

[Bobminda]

I'm a mortgage advisor. Thats a very good rate, especially for the LTV. Especially good from Halifax as they are usually a-holes when it comes to re-negotiating your existing deal with them. They have a poor retention rate historically.

So basically its a cheaper fixed 2 year deal switching to there SVR ??

and chances are it's not going to go down anymore so hopefully i'll be making a saving

( I'm already on a thier sva)

[The Simps]

What you on at the moment and how long to run? What's your repayment penalty and current LTV? PM me if you wish.

[Bobminda]

What you on at the moment and how long to run? What's your repayment penalty and current LTV? PM me if you wish.

I'm thier sva, so no fee's to incur and can switch at any point

[The Simps]

So basically its a cheaper fixed 2 year deal switching to there SVR ??

and chances are it's not going to go down anymore so hopefully i'll be making a saving

( I'm already on a thier sva)


Its not fixed no. Its Variable. There are 2 types of variable rate. You have the bank of englands rate (currently 0.5%) and then your lenders variable rate (Halifax' currently being 3.5%). When you go on a "discounted" mortgage like the one in your link your a getting a discount on your lenders rate. Downside being the lender can change that rate (also known as SVR) whenever THEY wish. If you go for a "tracker" mortgage your rate will only change when the bank of englands rate changes.

Depending on how much equity you have or LTV, I'd be inclinded to go for a tracker at this time.

[The Simps]

Whats your LTV?

[Bobminda]

Whats your LTV?

around the 85 -90 % mark

It does say the rate is 3.14 until oct 2011, so it is kinda fixed isnt it ?

[The Simps]

Not fixed no. Their SVR is 3.50%. That deal gives you a discount for 2 years of -0.36% off that SVR rate. So currently its 3.14% but can go up or down at anytime.

Personally I would stay as you are and up your payments (make overpayments) to clear as much of your mortgage as possible while the rate is low.

[Bobminda]

Not fixed no. Their SVR is 3.50%. That deal gives you a discount for 2 years of -0.36% off that SVR rate. So currently its 3.14% but can go up or down at anytime.

Personally I would stay as you are and up your payments (make overpayments) to clear as much of your mortgage as possible while the rate is low.

oh i see what your saying !

Very mis-leading if you ask me

Cheers
Plus rep coming your way

[The Simps]

I know its nice to have the extra wedge in your pocket at the mo but I would pay as much as can at the moment because the lower you can get your LTV you'll be in a much better position down the line when rates "return to normal". Ideally you want to be 75% or less.

[Bobminda]

Understood !

to get to 75% I would need around £20k to pay in though

Cheers for the advice

Who would of thought...FREE MORTGAGE ADVISE ON A NOVA WEBSITE

[Tidy Max]

everyone knows mortgage lending and vauxhall novas go hand in hand!

[Stuart]

I fixed slightly high and got a fisting, although its no lower than it was so its no biggie :( live and learn.

[The Simps]

Same here Stuart. I fixed June 2008 for 2yrs at 5.79% and that was one of the best rates around at the time for a 75% LTV. I'm looking forward to going onto the SVR for a while.

[Stuart]

5yrs here but similar rate... atleast I know where I am lol

[Ben]

both mine have just ran out of there fixed rate and payments have jumped considerably as was on trackers and now they gone to halifax base rate, need to renew both deals but with being away the be assed factor is very low.