If your current mortgage deal is coming to an end, now is the time to remortgage and start the mortgage application process. The sooner you get the ball rolling the better, as you don’t want to end up on your current lender’s SVR (standard variable rate). As their SVR will be higher than the rate on your existing mortgage, you will have a bigger monthly expense to deal with if you don’t remortgage in time.
You are spoiled for choice when it comes to lenders. But if you are considering a Halifax mortgage when you remortgage, here are a few of the things you need to know.
How Long Does A Halifax Remortgage Take?
Remortgaging to a Halifax mortgage can take between 4-8 weeks to complete. There are a lot of steps involved during the remortgage process, so the amount of time will vary depending on how long each step takes. Needless to say, you should aim to get all of the necessary paperwork together early, as this is one way to hurry the process along.
The paperwork you’ll need for your Halifax Remortgage
The paperwork needed will be very similar to the paperwork you were asked to provide for your current mortgage. Much of it will be related to your financial circumstances and constitute financial advice, as Halifax will be keen to know that you can afford to remortgage to them.
Paperwork needed for mortgage application will include:
- 3 months worth of bank statements
- Utility bills from your current address
- 3 months worth of payslips
- Your P60 Tax Return
- Your company accounts (if you are self-employed)
- An SA302 Calculation Form (if you are self-employed)
- ID documents
- A mortgage redemption statement (if you are paying off your current mortgage early)
Halifax will advise you further on the documents you need for your remortgage.
What Mortgages Can I Get With A Halifax Remortgage?
Halifax offers the same mortgage that most other lenders will offer you. These include:
- Fixed-rate mortgages
- Variable-rate mortgages
- Tracker rate mortgages
- Buy-to-let mortgages
Read more about the different mortgage types.
The interest rate on any Halifax mortgage will depend on your financial situation and how much you are eligible to borrow. There are a number of calculators and tools on the Halifax website that can help you find out the type of mortgage options that can be made available to you.
How Easy Is It To Remortgage With Halifax?
Remortgaging is a fairly straightforward process, assuming there are no issues with your mortgage application. There is less work to do and fewer fees to pay, so you shouldn’t find it as stressful as the first time you took out your mortgage.
To get a Halifax mortgage, you won’t even need to have a face-to-face meeting with a mortgage adviser, unless their advisers request it. In most cases, everything can be done over the phone or online. This makes life easier for you as you won’t need to take a lot of time out of your day when applying for your new mortgage deal.
Getting started with a Halifax remortgage is easy. Simply head to their website and apply online for your new mortgage deal. You can call them if you have any questions and there is the option to do a video call with them too!
Should I Remortgage With Halifax?
Halifax is one of the most well-known lenders out there so it’s understandable that you might choose them for your remortgage.
However, you want to make sure you get the best mortgage deal possible. Halifax might try to tempt you over to their side but you want to make sure that you are financially better off in the long term.
So, before you get the process started, check out the mortgage deals that Halifax is offering. Compare these to the deals that your existing lender can offer and consider which might be the better option. If your lender can offer you better deals, then you might decide to stick with them instead.
The advantages to remortgaging with your existing lender.
- You might not need to pay a mortgage valuation fee or solicitor fee
- You can avoid early repayment charges if you remortgage before your lock-in period ends
- The process will be quicker as the lender will already have your details
- You can usually avoid a credit check if you have managed to keep up with your existing repayments
The disadvantages of remortgaging with your existing lender.
- It is unlikely you will get offered your best available mortgage deal.
- You will not be offered any new customer incentives
- Your lending criteria may have changed therefore you may not fit their minimum affordability. (For example, you have changed from employed to self-employed)
If you are already with Halifax, you might assume it’s easier to remortgage with them, for some of the reasons we listed above. However, you should still shop around and compare their mortgage deals with those provided by other lenders before coming to a decision. This way, you won’t get locked into a deal that you can’t afford.
Does Halifax Have The Best Remortgage Deals?
The remortgage deal offered to you by Halifax will depend heavily on a number of factors. These will include your level of income, your credit score, and the size of the deposit that you are willing to put down. As was the case with your existing mortgage, such factors will determine how much you can borrow. If Halifax considers you a risk for any reason, you might not benefit from their best deals.
Before applying for a remortgage, do as we have suggested already, and compare their deals with other deals on the market. Use the online calculators Halifax offer to get an idea of what deals may be available to you.
Get In Touch With Our Team Of Mortgage Advisers
We have access to remortgage deals that are not found on the high street. So, no matter how good the deals at Halifax might be, it’s possible that there are other mortgages out there that are better suited to your personal situation.
We will analyse your situation, give you financial advice, let you know which mortgage you are eligible for, and help you compare them with others on the market.
If the deals at Halifax suit you better, then great! But if we find a better deal, you should consider our advice, as you will be financially better off in the long term. We will also organise the mortgage application on your behalf so you will have one less headache to worry about.
Furthermore, all of our advice and mortgage support is free, so what further incentive do you need to use our mortgage services? You will get access to the best mortgage deals with all of the support needed for your full mortgage application.
Get in touch today to learn more about the range of services we can offer you.