Halifax offering 1.19% large mortgage loan product transfer rate

by Aaron Strutt

Oct 12 2020

Halifax for Intermediaries is offering its existing customers some of the most competitively priced large loan product transfer rates. 

One of Halifax’s lowest rates is priced at 1.19% and it is available to existing customers with mortgages between £250,000 and £7,500,000.

At the end of the fixed period, which expires on the 31 January 2020, the mortgage reverts to the bank’s 3.74% standard variable rate. The overall cost for comparison is 3.34% APRC representative.

The 1.19% rate has a £999 arrangement fee and early repayment charges until 31 January 2020. Applicants will need 40% equity in their property to qualify.

Aaron Strutt, product director at Trinity Financial, says: “If your fixed or tracker rate is coming to an end, it is always worth researching the market to find out which lenders are offering the lowest rates.

“Many of the banks and building societies offer different rates to new and existing customers, and the prices can range quite substantially.”

Representative example: A mortgage of £750,000 payable over 25 years, initially on a fixed rate until 31/01/2020 at 1.19% and then on a variable rate of 3.74% for the remaining 23 years, would require 25 monthly repayments of £2,891.52 followed by 275 monthly repayments of £3,770.45. The total amount repayable would be £1,109,161.75 made up of the loan amount, plus interest (£359,161.75) and fees of £999. The overall cost for comparison is 3.34% APRC representative.

Call Trinity Financial on 020 7016 0790 to secure a product transfer rate