Halifax Remortgage Guide
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Thinking Of Halifax Remortgaging?
Do you Already have a mortgage from Halifax and its current fixed term is coming to end or are you looking for a new mortgage deal? In that case, Remortgaging might be the right option.
Before you go any further, there are plenty of things to think about and aspects to consider about a remortgage, like the documents needed to remortgage or how long does a remortgage take?
Let us look at Halifax’s Remortgage process
First Thing’s First, What is a Remortgage?
A Remortgage is the process of changing a mortgage deal with a different lender at the end of the mortgage’s fixed term. Many borrowers choose to remortgage for better mortgage rates, home improvements or many other reasons.
How Much Does a Halifax Remortgage Cost?
A Remortgage involves changing to a better rate. but it has certain expenses to look out for. Remortgages involve the following costs:
Valuation:
This usually is free from your lender but some times you may have to pay for it.
Product Fees:
Your lender will charge this fee depending on the mortgage deal you choose.
Solicitor Fees:
Most of the time Legal Work is covered by the lender, but sometimes additional work may be needed, such as adding a name or a ease extension which involves extra-legal costs.
Mortgage broker fees:
Many brokers charge fees for a remortgage. You can save on these fees by working with a fee free mortgage broker like MariannaFS.
What is the Halifax Remortgage Process?
The Following steps are involved in the Halifax remortgage process.
Lender Communication:
Your bank will write to you about your current fixed rate mortgage coming to an end via post, email or text.
Engage with a Mortgage Broker:
Find a mortgage broker or adviser to work on your Halifax Remortgage. Remember to work with a Free remortgage broker to save on broker fees.
Collect Your Remortgage Documents:
Gather all the necessary documents needed for your remortgage.
Research Your Options:
Discuss your remortgage options with your mortgage broker so they can advise you the best possible mortgage deal for your needs.
Apply for Remortgage:
Once you have decided on your mortgage, go to your mortgage adviser, they will prepare the application and submit it to Halifax.
Mortgage Valuation:
Halifax will carry a desktop or physical valuation of your property to be remortgaged to check if it is worth the value.
Mortgage Offer:
After a successful valuation and satisfactory underwriting, Halifax will issue a mortgage offer.
Legal Work:
Your conveyancer will start the legal process of changing the mortgage from your old lender to Halifax and complete the process on your chosen day to avoid any early repayment charges payable.
What Are Some Reasons To Consider A Remortgage With Halifax?
Halifax offers many reasons for a remortgage, that can be suitable to different clients’ needs. Some major remortgages are mentioned below.
Like for like Remortgage:
A like to like remortgage is when you make no change to your mortgage and just choose a better rate to remortgage to.
Remortgage and Additional Borrowing:
Mortgage borrowers choose to remortgage and can raise additional money for many reasons such as:
Remortgage to pay debt.
Remortgage for home improvement.
Remortgage to add or remove names from the mortgage.
Remortgage for a lease extension or staircasing in share owner ship.
Advantages of a Halifax Remortgage.
A Halifax remortgage can give the following benefits to a homeowner.
Quality Service:
Halifax is the biggest lender in the UK and they are known for their customer satisfaction and support.
Automated Application:
The Halifax application process is more automated than any other lender. This improves the speed of the application to receiving a mortgage offer.
Wide Range of Mortgages:
Halifax offers a range of mortgage rates and products to choose from in order to suit employed clients, self-employed clients or contractors, along with many more types of clients.
Many types of clients can be benefited from Halifax’s mortgage range.
Free Valuation & Legal Services:
As part of your remortgage services, Halifax offers a free valuation as a standard. The legal services for your remortgage can be free or cash back is provided if you are using your own solicitor to work on the remortgage.
Many other Flexible Features:
Halifax remortgages come with more flexible features such as adding fees to a loan, overpayment flexibility of up to 10% or porting the mortgage later. If you are having financial difficulty, then Halifax can consider the mortgage payment holiday.
What Documents Are Required To Have A Halifax Remortgage?
A Remortgage will need the usual income proof, Id, address proof and bank statements. More information can be found on what documents are required to remortgage here.
How Can MariannaFS Help With Your Halifax Remortgage?
With many years of experience in the mortgage industry, our brokers at MariannaFS are experts in arranging any Halifax Mortgage. We can guide you through step by step through the mortgage process and make your remortgage smoother and faster.
We can keep you up to date with the current mortgage rates, making sure you are not losing out on a better deal. From explaining all mortgage terms to preparing documents and applying on your application, MariannaFS can increase your chances of approval when you want to remortgage with Halifax.
Read hundreds of five-star reviews about our excellent rated mortgage brokers.
Some Common FAQ’S
Can I Remortgage With Bad Credit?
Yes it is possible to remortgage with bad credit depending on the type of bad credit.
Do I Need A Valuation For A Remortgage?
A Remortgage requires valuation. Sometimes it is done via desktop without visiting the property and other times it is a physical valuation done by visiting the property.
Why Are Solicitors Required in a Remortgage?
A Remortgage requires a change of ownership from the old lender to the new lender, which is done by solicitors.
How Long Does a Halifax Remortgage Take?
A Halifax remortgage can take 4 to 8 weeks to complete. The mortgage approval will take 2-4 weeks. The Legal process of remortgaging can take 2 -4 weeks to complete.
When Is A Good Time To Remortgage ?
A Remortgage can be started from 4 months in advance to make sure you have plenty of time to collect all the required documents, research the available rates to make sure you have got a chance of getting a better mortgage deal, among other considerations you may have.
Summary
Remortgaging with Halifax can offer serval benefits like better mortgage rates and a variety of mortgage products and features (like free legal work and valuation).
But it is also important to check the Early repayment charges, standard variable rates and your personal circumstances.
Before making any finale decision always speak to your Mortgage adviser to discuss your needs. They can offer personalised advice tailored to you.
Get in touch for a Halifax remortgage by completing the contact form
or call us on 02080902043
Related Guides
Halifax Mortgage Rates
Halifax Product Transfer.
Halifax Mortgage Porting.
Halifax 2 Years Mortgage Rates.
Halifax Mortgage Affordability
Mortgage Application Through Broker.
