Best mortgage deal ?

Couldnt have put it better myself but unfortunately many dont

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Hi

just recieved this email from halifax in spain I am booked in with them next week.

don't know if this will have any bearing on your application but I thought it would be best to inform you that in line with other banks some of our mortgage criteria is changing in relation to the credit crunch. So for your information, we now lend up to 60% loan to value and the interest only period is for a maximum of 5 years.

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Iain,

If you need 70% LTV then look elsewhere, there are better rates around, at that level.

 

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Hi Sharon,

im not that bothered about the extra deposit.

are they competitive or should i go elsewhere?

Iain

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Hi Iain,

I would say rate wise no, and if you are looking for a longer term on Interest Only I would also say no, but if you already have an application going through or accepted and you are ok going down to 60% LTV then it may be wise to stay with them. Banks are taking longer now to risk assess new applicants and as Smiley says in his recent post they are also tightening their criteria. There are still lenders offering competitive products at the moment, I think it is unlikely Halifax will make any further change in the near future.  

 

 

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Hi Iain a lot depends on what you want - if you are due to complete soon and have time restrictions then may be best to leave with Halifax if not then there are better deals around but depends on what you want. Halifax has been in  a state of flux for about 2 weeks and the initial information was that they were contemplating an increase in rate to Euribor plus 2.5%!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Tantamount to a withdrawal from lending in Spain! Whether they make further changes is a moot point - at the start of the year they introduced a more aggressive pricing strategy to attract more new business but they are now being dictated to by the UK plc as to what they can and cant do.

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