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Halifax for Intermediaries is offering a selection of incredibly cheap three-year fixed-rate mortgages. 

Halifax's lowest three-year rate is priced at 1.23% and it is fixed until 31 December 2023. It has a £1,499 arrangement fee. At the end of the fixed period, the rate reverts to the bank’s 3.59% standard variable rate, and the overall cost for comparison is 3.2% APRC representative.

This 1.23% product is available for remortgages, and applicants will need a 40% deposit to qualify. The minimum loan size is £250,000 and the maximum loan size is £1 million.

If you are purchasing a property the rate increases to 1.36% but the arrangement fee reduced to £999 and there is no minimum loan size requirement. The maximum loan size is £1 million, and borrowers also need a 40% deposit to qualify.

Aaron Strutt, product director at Trinity Financial, says: “Halifax recently pulled a section of its two-year fixes but launched some of the cheapest-ever three-year rates. Lots of borrowers are opting for five-year and ten-year fixes, but there are some great shorter-term products."

Representative example: A mortgage of £250,000 payable over 25 years, initially on a fixed-rate for two years at 1.23% and then on a variable rate of 3.59% for the remaining 22 years, would require 38 monthly repayments of £974.25 followed by monthly repayments of £1,225. The overall cost for comparison is 3.2% APRC representative. 

The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration. 

Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation

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