Keep your existing loan in place and take out a new loan which you’ll repay separately.
Replace your existing loan with a new loan for a larger amount over a term that suits you. This option is only available online if your current loan account number starts with ‘100’, the loan is held in your sole name and you hold only one existing Halifax loan.
Use our calculator to see how much you could pay if you decide to take out an additional loan.
When you take out your loan, the amount you agree to repay includes interest that is charged to the end of the loan term. If you make an early settlement, you might be entitled to a rebate, which means you wouldn’t have to pay all of the interest. You can repay your loan in full or part at any time during the repayment period and we'll reduce the charge for credit you've agreed to pay us. If you make an early settlement we may charge up to 58 days interest. The early settlement adjustment does not apply to the Clarity Loan.
If you choose to refinance your existing Halifax borrowing into a new loan, we’ll close your existing loan and open another one for the new amount. We’ll confirm how much you’ll repay each month and your new rate of interest – which may be higher. You may be charged up to 58 days interest for closing the existing loan early. The early settlement adjustment does not apply to the Clarity Loan. If you chose to extend the term of your loan, a longer repayment period will mean you’ll pay more interest overall.
If you're only given the option to take out a separate new loan then you're not eligible to apply online to combine your new and existing borrowing into a single loan. This option is available online if your current loan account number starts with ‘100’, the loan is held in your sole name and you hold only one existing Halifax loan. However, we may still be able to help you over the phone or in the branch.