Halifax offers a range of existing customer product transfer remortgage rates but they are not always competitively priced.
With so much competition between the lenders to attract new customers and such large amounts of money involved, it is always worth checking to ensure there are not better rates available elsewhere.
When you apply directly to Halifax the rates do not have any arrangement fees, and the prices range depending on the amount of equity in your property. They also change if your mortgage is up to £99,000 – between £100,000 and £249,000 – or between £250,000 and £7,500,000.
Aaron Strutt, product director at Trinity Financial, says: “If your Halifax mortgage is coming to an end you should be able to log in to your online account or call to find out what rate they will offer you stay. Once you know, you can asses the market to find out what alternative rates are available.”
If you apply directly to the Halifax, you can typically switch to a new deal online, in branch or over the phone. The bank does not charge any legal fees and another physical property valuation is not required.
The bank does not typically ask for income proof and even waives any early repayment charges on existing deals with three months or less left.
Even though Halifax's product transfer rates do not have any arrangement fees, it may make sense to choose a deal with a fee particularly if you have a larger mortgage loan.
Is it expensive to remortgage?
Most of the banks and building societies provide a free property valuation so the cost of remortgaging is often minimal. The lenders are regularly producing a fast remortgage offer service and they look to increase their lending volumes.
Call Trinity Financial on 020 7016 0790 to find out if you can switch to a more competitively priced rate