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Halifax for Intermediaries has changed its lending policy to make it easier to raise funds against properties without a mortgage.

Mortgage-free properties are known in the industry as “unencumbered” properties.

From Monday 10 February all new applications with Halifax for capital raising on an unencumbered property the customer already owns will be processed as remortgages rather than purchases.

The policy change means rather than charging additional setup fees, Halifax has reduced the cost by providing a free property valuation and a free legal service when clients use the banks appointed conveyancer.

Fixed and tracker rate mortgage products will be available from the Halifax's remortgage range and the maximum loan-to-value with capital raising is 85% loan-to-value.

Aaron Strutt, product director at Trinity Financial, says: "Many of the lenders are happy to refinance properties without mortgages providing clients meet their affordability rules. Halifax is a generous lender with decent rates and excellent acceptance criteria.

"Based on public data collated by Canada Life homeowners aged over-55 now have £382 billion worth of equity in their properties, an increase of £2.5 billion compared to July 2018."

Call Trinity Financial on 020 7016 0790 to secure a mortgage on an unencumbered property


Why do people remortgage and take cash out from their home?

We regularly arrange fixed and tracker rate remortgages for clients to release equity from their properties.  

Our clients typically release equity to raise funds for:

  • Debt consolidation
  • Gifting deposits to their children or grandchildren
  • Purchasing properties overseas
  • Home improvements or property extensions
  • Replenishing savings  
  • Paying tax bills
  • Pay off partners as part of a divorce or separation settlement
Should I remortgage to pay off debt?

If you are finding the repayments on your credit cards and loans difficult to manage it may make sense to remortgage for debt consolidation. Mortgage rates are typically much lower than personal loan rates and many credit cards not on 0% per cent interest deals. 

Adding debts to a mortgage will allow you to spread repayments over the term of your deal and lower the monthly repayments... but you need to think carefully before you do this. As you would extend your repayment period, you'll be paying more interest over the long term. While it is not a good idea for everyone, for some of our clients it makes sense.

Trinity Financial recently helped a client to secure a debt consolidation remortgage to pay off his credit cards and loans. He had built up £70,000 of debt on top of his mortgage and had five credit cards and a loan. He built up the debt paying school fees for his children and developing his business.

His fixed rate with Santander was coming to an end and the bank was not happy to provide him with more money to pay off their debts.

How did we help?

Trinity’s broker contacted a lender with one of the most generous debt consolidation policies in the market. He assessed their overall affordability and the lender agreed to provide a mortgage on the condition the unsecured debts were repaid on completion.

Our client had the option to overpay 10% of the loan amount each year without charge to reduce the outstanding balance.

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