At the Halifax we're trying to make getting a mortgage extra easy.We'd like you to take part in our trial by answering a few questions about what you need in a mortgage.Gets you thinking about what you wantHelps us understand what's important to youSaves you time in your appointment
Okay, let's get started.
Our mortgages have a short or long fixed rate period.
A fixed rate means the amount you pay each month stays the same for a certain period of time.
A fixed rate is good for budgeting your money. And you won’t be affected if the Bank of England changes the base rate.
There are other types of rates you may know about, such as tracker or variable. We don't offer these rates right now.
Just to make sure, with a shorter fixed rate, your mortgage payments will stay the same for up to 4 years.
When that ends, you can move your mortgage to a new deal. Otherwise it will go on to our variable rate.
Just to make sure, with a longer fixed rate, your mortgage payments will stay the same for up to 10 years.
With a shorter fixed rate, your mortgage payments will stay the same for up to 4 years. You can then review your mortgage and circumstances, and change to a new deal.
With a longer fixed rate, you get peace of mind knowing that your payments will stay the same for up to 10 years. And your mortgage payments won't change if interest rates go up.
You could have higher monthly payments to pay off your mortgage sooner.
Or you can keep your payments lower. This means you'll be paying off your mortgage for longer and pay more interest overall.
Okay, let’s explain this.
Keep payments lower – this means you will pay off your mortgage for longer and pay more interest.
Pay off sooner – this means you will have higher monthly payments and pay less interest overall.
Okay, now think about:
- your current mortgage payment
- your budget
- the things you do as part of your lifestyle
This is just to get an idea of what your new payment could be. We'll agree the right payment for you when we chat.
You might want to make extra payments on top of what you pay each month. It means you’ll pay off your mortgage faster and pay less interest.
We have mortgages with and without a fee.
Those with a fee may have a lower rate of interest and could save you money over the mortgage term.
We can discuss this with you and decide which is best.
Okay, thanks. We know fees aren’t always easy to understand and you might want to avoid paying one.
But it's always good to look at your options. So we'll check this again with you later.
You can pay in 1 of 3 ways.
Repayment – the most common choice, where you pay off both the loan and the interest.
Interest only – where you pay off the interest but your mortgage balance stays the same.
Both – where you can pay some as a repayment and some as interest only.
Okay, just to make sure
An interest only mortgage keeps your monthly payments low. But you will need to pay back the original amount you borrowed when your mortgage term ends.
This means you’ll need to show us how you plan to pay back your mortgage.
We want to help find a deal that's right for you now and in the years ahead.
These next questions will help us understand what to focus on during your appointment.
Okay, now let's think about money you have coming in.
Do you know of anything that will increase your income over the next few years?
This could be a job promotion or a large pay rise.
Great. Now is there anything you know of that will reduce your income each month?
For example, not working as much or planned gaps in your employment.
Okay. Do you know of any changes that will reduce your spending each month?
For example, paying off a loan or credit card, or a child moving out of home.
Lastly, do you know of any changes that will increase your spending each month?
For example, taking out a new loan, having a child, or starting to pay school fees.
That's great, thanks.
Your answers will save time and help us focus on what's important to you.
We'll contact you within 48 hours to arrange your appointment, where you can speak to one of our mortgage experts from the comfort of your home.
We just need a few details.
Ready to speak to one of our mortgage experts from the comfort of your home?
We'll contact you within 48 hours to arrange your appointment. We just need a few details.
Have these documents ready for your appointment:
- ID – for example, a UK passport or driving licence
- Proof of income – for example, your recent payslips
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