Halifax/Bank of Scotland New Mortgage Offer

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NorfBank

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This is available for property with a loan to value of less than 50%.
It is a discounted tracker of ECB + 0% for year 1 rising to ECB + 0.9% for the term of the mortgage.
 
NorfBank said:
This is available for property with a loan to value of less than 50%.
It is a discounted tracker of ECB + 0% for year 1 rising to ECB + 0.9% for the term of the mortgage.
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Why would anyone bother when NIB are offering far better terms? Year one at the ECB rate is just a red herring to deflect attention from this fact.
 
Why would anyone bother when NIB are offering far better terms?
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That would be great if they would give out information - have contacted them twice since last November - and no information sent out.
 
pinkyBear said:
That would be great if they would give out information - have contacted them twice since last November - and no information sent out.
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Friend of mine works for them...apparently they've run out of the packs. They didn't anticipate the level of interest.
 
Friend of mine works for them...apparently they've run out of the packs.
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!!!:confused:
How could they have not anticipated the demand - rising rates and the such - IMO very sloppy on their behalf.
 
Lets keep this thread for discussing the Halifax offer. Discuss offerings from other institutions on a seperate thread.
 
With bank of scotland - all well and good if you are below 50% - as the tracker ater the years is out goes up to 0.09% above ECB - but above that it is a very expensive product.
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Does seem a bit gimmicky at first glance to be honest with the ECB flat offer for the first year. The NIB offer does seem to offer a lot more. The standard variable rate is attractive but I have a feeling that going forward Halifax will be passing on interest rises in full while the other banks will probably absorb some of the increases to bring their rates in line so it could be a very short lived gain.
 
It's amazing really how a bank can have the neck to launch a product inferior to that of its competitor and make a song and dance about it.
 
I visited my local halifax today to ask about their offer, only to be told that the minimum mortgage is 75K - didn't see that anywhere on their website or in the media. Now I'm in the lucky position of having a mortgage of 58K, but was asked by the Halifax person if I'd like to borrow the 75K anyway! Hmm, borrow more than I need to repay more at a lower % rate or stick with current mortgage and repay less at a slightly higher % rate....honours math not required for that one!
 
I visited my local halifax today to ask about their offer, only to be told that the minimum mortgage is 75K - didn't see that anywhere on their website or in the media. Now I'm in the lucky position of having a mortgage of 58K, but was asked by the Halifax person if I'd like to borrow the 75K anyway! Hmm, borrow more than I need to repay more at a lower % rate or stick with current mortgage and repay less at a slightly higher % rate....honours math not required for that one!
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Just borrow the 75 and repay 17 immediately, anyhow you can get less than 75k, I did last year
 
Anyone know if you are bonded to them for five years, i.e a penalty for leaving after the first discounted year.
I was thinking my solicitor is charging about 500-600 Euro for switching, so I would make money on their 1,000 Euro offer. Stay with them for a year then transfer back to the NIB who I believe are also offering x Euro for switching??? I am sure there are some flaws in this plan???? apart from all the admin being a pain in the backside !!!
 
you need to stay for 5 years, if you leave or pay off the mortgage within the 5 years, you repay the 1,000 euro
 
Long term it is an inferior product for certain individuals. However due to the specific strictness of the NIB criteria on affordability and especially on debt consolidation it is a good offer for those who can keep their loan to value at <50%.

No connection with BOSI/Halifax.
 
NorfBank said:
Long term it is an inferior product for certain individuals. However due to the specific strictness of the NIB criteria on affordability and especially on debtconsolidation it is a good offer for some.

No connection with BOSI/Halifax.
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A fair point but the LTV ratio on the Halifax product is more onerous, the affordability criteria are similar and NIB only require quotations for home improvements if you are remortgaging which are not too difficult to come by.

No connection with either institution, except I recently switched to NIB
 
Affordability is not similar - I have been approved for over 100k more with BOSI plus they will allow you to release equity for any reason be it debt consolidation/home improvement/new car etc without having to get some spurious home improvement quote.
 
NorfBank said:
Affordability is not similar - I have been approved for over 100k more with BOSI plus they will allow you to release equity for any reason be it debt consolidation/home improvement/new car etc without having to get some spurious home improvement quote.
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Lol...spurious, I like it!

You're right though, in terms of flexibility Halifax seem to be better bet. Just being looking at the income calculators etc and they certainly are more liberal.
 
Considering the switch myself to Halifax (from IIB). 2 questions please:

Can anyone that's been through it advise how long the whole process takes - start to finish?

I see from the FAQ's in this section that the EUR 1000 they allow should be enough to offset the costs involved in switching? Is this accurate?

Thanks
Fest
 
Fester, it was only announced on Monday so nobody knows how long it will take as yet. Usually remortgages take about 3 weeks once you have all your documentation into the lender and your mortgage protection and buildings insurance is satisfactory AND the title on your property is clean.

Slave1, how can you stage release remortgage funds and what lender can facilitate this?
 
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