Anyone on here taken out a halifax further advance (existing customer ) ?

[santababi]

I`m thinking of doing this for a house extension but would like to ask a couple of questions if anyonne on here has done this .
Cheers x

Bumping for you.

no but have just wasted three weeks of my life researching them - fire away and i will see if i can help

well, we did it with Nationwide so will help if I can

I'm an IFA and use them quite a lot so if I can help?

Yes, I have. It was for house renovations and some debt consolidation. Was in October 2008. What are your questions?

We did 12 months ago, got a Halifax mortgage and took out a further advance, is there anything I can help you with?

my bank wanted to charge me full valuation fee plus product fee for a 20k further advance

it's cheaper to get a loan!

You won't be able to get the loan over the same period of time as the mortgage. usually loans are for seven years or so max. I am suprised about the valuation as usually they use an indexation method which links the value of the house.
Does the further advance take the mortgage close to the value of the property? If the mortgage goes above a certain loan to value that can trigger the need for a survey

have you asked if they have any product without a product fee? They should be able to offer you as choice of products.

Just had a look at these rates but they all have fees, the tracker rate has the cheapest fee if you look
Are you tied into the Halifax mortgage? If not then it maybe worth shopping around, though most offers will have product fees but no valuation fees

the mortgage is already big but i am only asking to borrow back up to what i borrowed 18 months ago

the ltv will obviously have slipped (they say bewtween 11-15%) depending on postcode

in the end they said they would lend me 15 of the 20 i asked for

I had to pay 745 valuation fee and then the letter stated that the property must be worth what it was on purchase in July 2007 that is likely

hence i am looking at loans

YES more apr but i can have it up to 10 yrs low set up fee ( 1000 with mortgage) and no early redemption fee
plus you can overpay if and when

rates 4.5 above base variable...

how does that sound!?

If you can afford the payments of a personal loan then consider it and maybe consolidate it when you remortgage. But if you can pay it off in ten years or less you will save more money anyway.
Six of one half a dozen of the other really. You have to make a choice that suits your circumstances.

well i agree six of one thing

the rate (apr) differential is not what it was and so the loan almost appears a better deal

more flexible and FORCES an earlier repayment - rather than dawdling along on a mortgage for 20 yrs paying back 20k more !

Thanks for your advice - lord knows where the op is!

an advance suited us because we can pay chunks off when we want to, but, more importantly, can borrow the money back again if needed

anyfucker i like the sound of that

my bloody mortgage company wont lend us what they lent us 18 months ago....grrrrrrr

ria, we were lucky though that we have a lot of equity in the house

Bear in mind though if you take a personal loan that the monthly payments will be counted against your income if you decided to get another mortgage etc. So if you pay £500 a month and your income is £20000 it will be reduced by £6000 a year. (Unless you say you are going to consolidate the loan into the mortgage)

thanks biggit but our mortgage is humoungus and never to be increased!