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Old 02-01-2019, 11:54   #1
jockosjungle
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Can you haggle on a mortgage? Plus other mortgage advice

Hi All

I'm in fairly unknown territory for me, however I fall on the wisdom of the forums.

Got a mortgage five years ago nearly, so looking to remortgage, its with the Halifax. Now I can remortgage with them, however I'm looking about 1% higher than the majority of rates I could get.

Can you get them to pricematch or anything?

Or should I just go elsewhere, is it in any way a hassle?

Never been in a remortgage position, my last mortgage we just let lapse to the standard rate as it was cheaper, then we moved house.

There is a mortgage adviser round the corner from me, is it worth going to see them

Thanks for advice
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Old 02-01-2019, 13:33   #2
stephen
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It's not much of a problem to switch. There is some legal work and a valuation required, sometimes the new provider will pay for some or all of this. There is somtimes an arrangement fee for fixed rate which you can often add to your mortgage.

Go on somewhere like moneysupermarket and see if it's worth switching after factoring in any fees. If it is then give Halifax a quick call and see if they can match it, if not then switch.

Last edited by stephen; 02-01-2019 at 13:36.
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Old 02-01-2019, 14:20   #3
jockosjungle
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Popped in to chat and talked to someone, they seemed to think the rates were the rates. I explained that I could get a considerably cheaper rate elsewhere. In fact I had to scroll through hundreds of cheaper rates before getting to a Halifax mortgage.

So basically I decided to apply to Virgin who are offering a 10 year fix about 1% cheaper than what Halifax were offering for 5 years.

Saves me about £45 a month, there were cheaper available but either through branches of local banks.

The fee was £995 but included free legal fees and valuation. All the cheap ones seemed to have a similar fee, there was a free version but I crunched the numbers and taking a fee and the 0.15% reduction in interest works out about £200 overall better off.

I've got 2 more months on my mortgage deal, so naturally I want to leave it until then to avoid some fee or other

I just slightly overestimated what I actually wanted to borrow (i guessed based on 3 more mortgage payments), presumably they sort it all out with the Halifax?

Sorry for asking, but any google search just puts up loads of adverts and people wanting to sell you advice or call you.
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Old 02-01-2019, 17:18   #4
Arthur Fowler
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Do you have no intention of moving house or doing anything else in the next 10 years with regard to wanting to change your mortgage?

That's a mighty long fixed period.
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Old 02-01-2019, 17:54   #5
jockosjungle
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No we have no intention of moving, the mortgage is also fully portable if we do.
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Old 02-01-2019, 18:50   #6
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Fair enough.

Sounds like you've done ok then as long as your sums are right (0.15% cheaper for 10 years is a lot of interest but I guess your mortgage is relatively small).

Have you applied for the mortgage yet? It can take some time to go through.

Yes, the fiddling around with the minor differences will be taken care of between Halifax and Virgin.
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