by Mark Johnston
Halifax used to be the UK’s largest building society but after it demutualised in 1997 it became part of the Bank of Scotland creating the HBOS group.
The Halifax is now the UK’s largest provider of residential mortgage. It is named after the town (Halifax in West Yorkshire) where is still has its headquarters although. The Halifax was hard hit by the credit crunch and was sold to the Lloyds banking group to avoid a potential collapse. The mortgage giant still uses its slogan “A little extra help” but Mortgagerates.org.uk take a look at whether the Halifax is still living up to it.
The Halifax is helping their customers through difficult times but cutting their monthly bills. Existing mortgage customers who hold a current account are being offered an exclusive discount of at least 0.2% on new Halifax mortgages, depending on the mortgage deal you choose. This discount applies to the initial rate only.
For those who are thinking of moving home, buying their first house or remortgaging their existing home Halifax is proving some ‘a little extra help’. To help borrowers, Halifax have cut their mortgage fees by 50%!
For those with a 40% deposit or more, The Halifax is offering a range of two year tracker mortgages. For loans below £500,000 the rates are between 2.99-3.29% which includes the Bank of England base rate of 0.5%. The overall cost for comparison is 3.6% APR with a product fee of between £247 and £497 including the 50% discount.
Fixed rate mortgages come as 2,3 and 5 year terms. The 2 year option is between 3.79% and 4.09% for loans between £500,000 and £1,000,000 whilst the same period for loans below £500,000 costs between 3.99% and 4.29%.
3 year fixed rate mortgage is between4.24% and 4.49% APR 3.9% and 4.0% for mortgages between £500,000 and £1 million pounds.
The Halifax are also offering the three year fixed rate mortgage with a loan to value (LTV) of 90% so you only need a 10% deposit but this comes at a price. The 3 year term costs 6.79% APR 4.6% with a bargain product fee of £247.
Those looking to secure a longer term deal can go for the 5 year fixed rate mortgage at between 4.99% and 5.29% for loans between £500,000 and £1 million. Cost of comparison is 4.4% and 4.5% APR.
Those with a medium sized deposit of between 15%-25% can get a 2 year fixed rate mortgage for 5.99%-6.19% APR 4.2%. The product fee was £995 but the 50% reduction has brought it down to £497.
The 3 year fixed rate mortgage with a loan to value (LTV) costs 6.79% APR 4.6% and a
product fee that’s been reduced from £495 to £247.
The Halifax has a wide range of deals for different circumstances and their current offers and reductions provide that they are still committed to providing a little extra help when it comes to mortgages. You could probably say the same about mortgagerates.or.uk when it comes to mortgage news, either way keep an eye out for more great offers in mortgage news on mortgagerates.org.uk.
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