Halifax Mortgage....

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New Leaf

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Post by New Leaf » Tue Sep 07, 2010 11:00 am
Hi

First of all apologies for not posting on here for a while, although I have found the forum to be a great source of information since our Iva was accepted in May. To date the Iva is running very smoothly, and I can honestly say, that nervously making that first phone call, at the beginning of the year was the best decision that we have ever made.

I was wondering if any of you kind people had any experience with gaining a new fixed deal mortgage with the Halifax who are our current mortgage provider. Our current deal has now ended(currently 6.65%) and will revert to the SVR(3.5%), but for peace of mind we would like to fix the rate again for as long as possible. I have tried to ring them today but they have a problem with their telephone system and have told me to ring back tomorrow.

I have looked at the rates available on the website and they have 5.59% with no fee, fixed for five years. This rate would be ideal as it would cover us for the vast majority of the Iva period, and rough calculations would see us about £40 per month better off, which would cover the loss we have had to our tax credits. So in real terms we will not have gained anything, but will have the peace of mind of knowing that our mortgage payments will remain the same for the next five years.

Has anyone tried to gain a new deal with the Halifax or any other mortgage provider recently, and how did you get on? What would be the chances of them offering us a new fixed rate deal, and if so would it be at the advertised rates or at a higher rate than advertised due to our circumstances.

I know we will find out when I manage to get through to them, but thought it might be useful to see how the land lies beforehand.
 
 

c.j

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Post by c.j » Tue Sep 07, 2010 1:21 pm
We have, fingers crossed,just got a new deal with Chelsea buildig society who we were already with.The only problem we have had is with the LTV as they were asking for 75% up to this month.
Iva finished !
 
 

Goosed

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Post by Goosed » Tue Sep 07, 2010 1:49 pm
Hi New Leaf, my mortgage is with the Halifax. I`m just one month into my IVA and I received a letter from them last week telling me that they had been informed of my IVA, and until my IP confirms the completion of my arrangement, no further lending will be considered.
Now whether this means when my current tracker deal finishes, I will just have to go onto their SVR and will not be able to apply for any other deals, or whether it refers to additional borrowing on my mortgage, I don`t know.
"When the seagulls follow the trawler, it is because they think sardines will be thrown into the sea".

Eric Cantona
 
 

Shining

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Post by Shining » Tue Sep 07, 2010 1:52 pm
I'm not with a High street lender but reverted back to SVR when my fixed deal finished, I've not enquired about a fixed deal to be fair, just accepted it as it was written into my IVA proposal prior to the acceptance.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

millsy22

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Post by millsy22 » Wed Sep 08, 2010 8:03 am
hi we are with the bank of scotland which is linked to halifax and at the beginning of the year when we were still in our iva and thought we might have to do another 12 months we renewed our fixed rate as it was due to end in jan and had no problems just did it all over the phone
 
 

New Leaf

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Post by New Leaf » Wed Sep 08, 2010 1:28 pm
Day off work today and have just spoken to the Halifax who have offered us several options with reference to a new fixed rate.

We have decided to plump for 4.79% fixed for five years with no fee.

To be honest I nearly bit his hand off when he offered us this deal, as the three year fixed deal was at 4.59%, and the deal we have gone for is 0.8% below what they are advertising on their website.

I did query this fact with the gentleman twice, as the rate seemed to good to be true, but he confirmed that what he had stated was correct.
I have just read through the Key Facts Information that they have just e-mailed us, and have rung them back confirming that we have read through it, and are happy to proceed with the new rate.
The deal is now in place from next month, and we are extremely happy, as the saving we will make from the monthly payments will cover the shortfall in our Tax Credit award.
Also knowing what our monthly payments will be for the next five years, will enable us to budget accordingly.

Goosed we also received a letter from the Halifax shortly after our Iva was accepted, stating that no further borrowing would be considered until our Iva was completed. Apart from the obvious, I think you would only encounter a problem if there was a product fee attached to the new deal you were taking out, and this was added on to the existing mortgage, which may then be considered as additional borrowing.
 
 

kallis3

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Post by kallis3 » Wed Sep 08, 2010 1:38 pm
Great news New Leaf. Glad you are sorted.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

plasticdaft

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Post by plasticdaft » Wed Sep 08, 2010 2:57 pm
That is fantastic news.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

Struzzo39

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Post by Struzzo39 » Sat Sep 18, 2010 7:03 pm
Thats good news. we were hoping to change to a fix rate deal but abbey have told us verbally because we are in an iva they will never lend us money again. Thought it was a bit far, but I suppose can understand their reasons although our track record with them is 100%
Steven & Debbie
 
 

kallis3

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Post by kallis3 » Sat Sep 18, 2010 7:20 pm
There is a difference between them lending you more money and changing to a fixed rate deal. They're not actually lending you any more money are they?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

leaKybrain

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Post by leaKybrain » Sat Sep 18, 2010 8:08 pm
good point there jan, lol, bet they don't see it that way though
 
 

kallis3

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Post by kallis3 » Sat Sep 18, 2010 8:17 pm
There's been one or two recently who have managed to retain a fixed rate deal.

It will depend upon the lender.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Struzzo39

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Post by Struzzo39 » Sun Sep 19, 2010 1:23 pm
Good to know. No they wouldn't be lending us any more money and also queried down sizing paying off the iva and starting a fresh but it was still a blatent no for us. Even with a clean sheet
Steven & Debbie
 
 

back on track

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Post by back on track » Sun Sep 19, 2010 3:54 pm
its seems to me that it would be in there favour to offer new fixed rates as with mine,when the current one is up i would drop onto there svr and they would be getting a lot less back than they do now.
its really a no brainer on there part.
i would do as the others are trying to do tho,in getting a fixed rate as its nice to know what you are going to be paying over the course of the iva.
if anybody else goes down this path let us all know.
by the way im with cheltnham and gloucster(lloydstsb arm)
cc received 6th January 2014 now upwards and onwards
 
 

kallis3

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Post by kallis3 » Sun Sep 19, 2010 4:13 pm
I'm SVR, always have been.

If you can get a new fixed rate then go for it.

The banks know that the interest rates will be increasing at some point in the not too distant future so they will be able to coin it in.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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