Borrowing Options.

If you’re going to borrow money, it’s important that you choose an option that’s right for your circumstances, so you need to do your homework and compare all of the options available to you.

We want to make sure you're comfortable with the amount you borrow and that you're confident about paying it back.

It's worth asking yourself a few questions before you decide:

  • What will my repayments be?
  • Can I afford to pay the money back?
  • Are my circumstances likely to change?
  • Will I be able to afford bigger repayments if interest rates go up?
  • What features or benefits will I get?
  • Are there any risks and what happens if I can't pay back what I borrow?

All types of borrowing options are subject to application and approval.

What are the options?

Borrowing Option

How would this option help me?

How much could I borrow?

Repayment term / Payments

Learn more

Arranged Overdraft

An overdraft is designed for short term borrowing and lets you borrow money through your bank account. It can be a convenient way of accessing extra money when you need it quickly.

An Arranged Overdraft is a simple and flexible way to borrow money through your bank account. This can help you:

  • Make a purchase
  • Budget between pay days
  •  Pay for an unexpected expense

Up to £5,000

  • No fixed term but is designed for short term borrowing
  • Flexible payments, please remember we may charge you a fee at the end of each day you use an overdraft (depending on the amount you are overdrawn)

Overdrafts

Credit Card

These are payment cards, separate from your other accounts,  that could offer different benefits including protection on purchases, interest free periods or no fees when spending aboard.

A Credit Card helps you spread the cost, whether that is:

  • Day to day spending
  • One off purchase
  • Transferring a balance from another credit or store card

Between £500 - £12,000

  • No fixed term. This could be either short or longer term
  • You must pay at least the minimum payment by the due date each month, you can also choose to pay the full or part of the balance at any time, a fixed percentage or a fixed amount.

Credit Cards

Personal Loan

With a Personal Loan you'd have a fixed monthly payment and term.

A Loan allows you to borrow a fixed sum of money to help you:

  • Pay for a large purchase like a car or new kitchen
  • Consolidate your debt into one place

Between £1,000 - £50,000

  • 1 to 7 years. This term is fixed when you take out your loan
  • Fixed monthly repayment with the option to overpay

Personal Loans

Online Car Finance

This is a type of finance, secured against the vehicle, which allows you to purchase a car from a dealer. 

Halifax Car Plan Extra gives you 2 options to choose from:

  • Fixed Car Plan, Hire Purchase (HP), where you make fixed monthly repayments and keep your car at the end of the term.
  • Flex Car Plan, Personal Contract Purchase (PCP), with low fixed monthly repayments and the choice to either own the car by paying a final lump sum, or just return it (return conditions apply)

Between £3,000 - £60,000

  • HP term  1 to 5 years
  • PCP term 1 year to 4 years 1 month
  • Fixed monthly payments with the option to repay early with no charges

The term is fixed when you take out the finance.

Car Finance

Borrow more on your Mortgage

For larger amounts you could look to borrow more on your existing mortgage.

Additional Mortgage Lending allows you to borrow money on your existing Halifax mortgage. This can help you:

  • Make home improvements or make a special purchase

From £10,000 (minimum) up to 85% of the value of your property

  • Can be repaid on the same term, shorter or longer  than your existing mortgage 

Your home may be repossessed if you do not keep up repayments on your mortgage.

Borrow against your home

Arranged Overdraft

An overdraft is designed for short term borrowing and lets you borrow money through your bank account. It can be a convenient way of accessing extra money when you need it quickly.


How would this option help me?

An Arranged Overdraft is a simple and flexible way to borrow money through your bank account. This can help you:

  • Make a purchase
  • Budget between pay days
  •  Pay for an unexpected expense

How much could I borrow?

Up to £5,000

Repayment term / Payments

  • No fixed term but is designed for short term borrowing
  • Flexible payments, please remember we may charge you a fee at the end of each day you use an overdraft (depending on the amount you are overdrawn)

Learn more

Credit Card

These are payment cards, separate from your other accounts,  that could offer different benefits including protection on purchases, interest free periods or no fees when spending aboard.


How would this option help me?

A Credit Card helps you spread the cost, whether that is:

  • Day to day spending
  • One off purchase
  • Transferring a balance from another credit or store card

How much could I borrow?

Between £500 - £12,000

Repayment term / Payments

  • No fixed term. This could be either short or longer term
  • You must pay at least the minimum payment by the due date each month, you can also choose to pay the full or part of the balance at any time, a fixed percentage or a fixed amount.

Learn more

Personal Loan

With a Personal Loan you'd have a fixed monthly payment and term.


How would this option help me?

A Loan allows you to borrow a fixed sum of money to help you:

  • Pay for a large purchase like a car or new kitchen
  • Consolidate your debt into one place

How much could I borrow?

Between £1,000 - £50,000

Repayment term / Payments

  • 1 to 7 years. This term is fixed when you take out your loan
  • Fixed monthly repayment with the option to overpay

Learn more

Online Car Finance

This is a type of finance, secured against the vehicle, which allows you to purchase a car from a dealer. 


How would this option help me?

Halifax Car Plan Extra gives you 2 options to choose from:

  • Fixed Car Plan, Hire Purchase (HP), where you make fixed monthly repayments and keep your car at the end of the term.
  • Flex Car Plan, Personal Contract Purchase (PCP), with low fixed monthly repayments and the choice to either own the car by paying a final lump sum, or just return it (return conditions apply)

How much could I borrow?

Between £3,000 - £60,000

Repayment term / Payments

  • HP term  1 to 5 years
  • PCP term 1 year to 4 years 1 month
  • Fixed monthly payments with the option to repay early with no charges

The term is fixed when you take out the finance.

Learn more

Borrow more on your Mortgage

For larger amounts you could look to borrow more on your existing mortgage.


How would this option help me?

Additional Mortgage Lending allows you to borrow money on your existing Halifax mortgage. This can help you:

  • Make home improvements or make a special purchase

How much could I borrow?

From £10,000 (minimum) up to 85% of the value of your property

Repayment term / Payments

  • Can be repaid on the same term, shorter or longer  than your existing mortgage 

Your home may be repossessed if you do not keep up repayments on your mortgage.