Existing customers could save over £500 a year on average by switching to a new mortgage deal, compared to paying Homeowner Variable rate.
The £500 average saving is based on current fixed rate mortgage deals and assumes that the current Homeowner Variable rate of 4.24% doesn’t change.
Not available on existing Halifax Buy to Let or Halifax Retirement Home Plan mortgages.
If you don’t have a Halifax mortgage, why not see if you can switch from your current lender and view our remortgaging deals?
It's sometimes possible to take a product rate with you to a new mortgage, we often call this porting.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Advice from a mortgage adviser is not available with this option.
Use our mortgage calculator to view our current switching deals. You'll be able to compare monthly payments.
This is the best option if you:
This is right if you:
If your current Halifax mortgage deal is ending and you don't want to switch to a new deal, you don't need to do anything. You'll be automatically changed onto one of our lender variable rates.
Your offer letter will tell you the lender variable rate that will apply at the end of your current deal. This is usually the Halifax Homeowner Variable Rate. However, if you applied for your current deal before 4th January 2011 it could be the Halifax Standard Variable Rate. The Halifax Standard Variable Rate is no longer available so if you choose to switch deals, you will never be able to go back to the Halifax Standard Variable Rate.
You can arrange to switch to a new deal if you're on one of our lender variable rates. As a concession, you can also switch deals if your existing deal has 3 months or less to run. If your existing deal has more than 3 months left to run you can still switch your deal, however you may have to pay early repayment charges.
Our current mortgage deals are based on how much you owe in relation to how much we think your property is worth. This is known as your loan to value (LTV) and it's expressed as a percentage figure. If you check all our current deals there'll be a maximum of two deals which will fit your mortgage balance and loan to value band - usually a shorter term deal and a longer term deal. If you want to talk to a mortgage adviser for advice about your options you can give us a call or book an appointment in branch. It’s a good idea to make sure that everyone named on the mortgage can attend the appointment or call.
If you want to apply online it'll take about 10 minutes and you'll need your mortgage account number to hand. You'll only be able to apply online if you've a 14 digit account number. You'll have either a 14 digit account number or it'll start with 'A/'. Check your latest mortgage statement or sign in to Online Banking to view your mortgage account number. If you're not registered for Online Banking yet, it's easy and only takes about 5 minutes. Find out how to register.
If you apply online you will be able to view these documents online and accept your new deal electronically. You will also get paper copies in the post for your records.
If you apply over the phone then you will receive these documents in the post and by email (if you have provided an email address).
If you have any interest only borrowing and you are looking for a new deal, you must have a repayment plan in place and apply over the phone or in branch. We may ask you to provide suitable documentary evidence.
You will need to agree to proceed with your application before we can make you a formal offer.
When you agree to proceed with the application we will make you a formal offer. You should read your offer carefully to make sure you are still happy to go ahead. You do not need to do anything else unless you change your mind. We will send you a letter telling you when the transfer will take effect from and when we will start collecting your new monthly payment.
If you change your mind after submitting your application you will need to contact us immediately.
Details of any early repayment charges that may apply to you, and when they may be charged will be shown in your offer letter. After you have had your mortgage for a year, your annual statement will also tell you this, or you can call us on 0345 850 3705. As a current concession, early repayment charges that would otherwise be triggered by the switch are waived if there are 3 months or less to run on your existing deal. This waiver does not apply to other transactions which might trigger the payment of an early repayment charge, such as a lump sum overpayment.
If your existing deal has more than 3 months left to run, you can still switch your deal, but the waiver would not apply, so you may have to pay early repayment charges.
There are no legal fees or valuation required but depending on the mortgage deal, there may be a product fee to pay. You'll need to check our current deals for full details. Any product fees can usually be added on to your mortgage on completion but you'll be charged interest on the fees.
If you're looking to borrow more at the same time as switching to a new deal, or you want to make a change to the term or repayment type of your existing mortgage, you'll have to contact us to discuss your needs and circumstances with a qualified mortgage adviser.
When moving home, you'll need to apply for a new mortgage. However, you may be able to keep your existing Halifax mortgage deal, this is often called Porting. Find out more about moving an existing Halifax mortgage.