Halifax Hauled me In. (Halifax)

Member Name: flutel

Product:	Halifax
Date:	17/06/09 (75 review reads)
Rating:

Advantages: My interest rate is better

Disadvantages: I was pestered into it.

I recently remorgaged with Halifax - even though I was still reeling from the huge loss in value of the shares I received when it converted from a Building Society.

Previous Mortgage
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THis was with the Mansfield Building Society and I found that even though interest rates were plummeting, Mansfield passed hardly any of this on. With 11 years still to go - this was unacceptable so I looked around for better deals.

Searching
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I looked on MSE, investigated their findings then went to a comparison site. It was all a bit daunting. I was thinking about all the information when I got collared at Halifax whilst putting a cheque in. As I was researching mortgages, I thought it was worth a listen. I thought it sounded quite good so I went away with the info and predictions of how much I could save. Later that day, someone from the comparison site rang me (I had filled in an online form). He tried to find me a better deal but could not. In the end, after listening to the details of the offer, he thought it was a good one. After a couple of days, I went back and signed up.

My Mortgage
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The mortgage I have is a tracker rate for 3 years which then reverts to their standard variable rate. The features are:

10% per year overpayments allowed (can't afford more anyway)

Underpayments - equal to overpayments

Payment holidays

'Free' legal work

'Free' drive-by valuation (which I thought was rather low. I suspect no one even drove by)

The Downside
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A mortgage 'product' fee of £1000

Mortgage 'account' fee of £245

I think these fees are a little too high. It seemed impossible to get a morgage without a huge 'product' fee anywhere when I was looking. I think the 'account' fee is just taking the p***.

Customer Service
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This was efficient and once I had signed up, moved very quickly and without issues. The few months I have had on the mortgage has thrown up no surprises. That's how I like it.

However, I hate the Halifax constant big sell that they do whenever you need to visit the counter - even though I ended up with a mortgage out of this one. I requsted this not happen but it continued. I am now in the process of changing my bank account.

Summary: It's like the sea - alright once you're in.