Halifax  Product  Transfer Rates

 

Compare Halifax Remortgage Rates

 

Halifax Product Transfer for Existing Customers.

A Mortgage borrower should tap into every opportunity they have to secure a better fixed rate mortgage rate from Halifax to save money on mortgage payments as, mortgage payments have a significant impact on borrowers’ outgoings.

The right timing to switch lenders is when you are remortgaging your property.
It is important to know that is it better to remortgage with the same lender or how long it takes to remortgage and what documents required to remortgage.

How does the Halifax product transfer work?

Halifax follow a simple and straightforward process of, existing Halifax mortgage borrower thinking to renew their fixed term mortgage, the product transfer service offered by Halifax is much shorter compared to getting a fresh mortgage.

Here are the major steps involved in Halifax product transfer.

1. Bank Communication:

Halifax will write to you informing you about your fixed term mortgage deal coming to an end and what options you have to get a new rates. Usually Halifax will send a letter months in advance explain the process of product transfer.

2. Talk to Mortgage Broker:

A mortgage broker can look at all the options for your Halifax fixed rate mortgage. Your mortgage broker will find the best 2 years or 5 years fixed rate by scanning the whole market, making sure you are not left out from a better deal than Halifax mortgage.

3. Gather Documents:

Collect any necessary documents required for product transfer like income proof, bank statements, mortgage details and personal IDs.

4. Review Options:

Once you are ready with Halifax product transfer review the options available to you with help of mortgage broker. The options like 2 years Halifax fixed rate or 5 years Halifax fixed rate? And any other feature most suitable to your needs.

The major costs you need to consider while remortgaging your property with a new lender include the application fees, valuation fees, solicitor fees and broker fees, though only if you are not using a fee free mortgage broker like

5. Submit a Mortgage Application:

Once you have chosen the correct rate then your broker can submit the Halifax product transfer application for you. During the application Halifax ask about the effective date of the new rate change. Usually mortgage offer is issued same time.

By following this steps you can complete the Halifax product transfer in no time or you can make the remortgage application with the help of your remortgage broker if you have find a better mortgage deal.

When can I select Halifax Product Transfer Rate?

Halifax allows their existing customer 4 months to choose a new rate before the expiry on their current fixed rate mortgage. By selecting a new rate in advance you are making sure you can choose from a wider variety of rates, giving you the better deal.

Always remember the new rate will start on the chosen date,  when your current rate ends, or at the time of application. If Halifax product transfer rates reduce after selecting the new rate then the rate can be changed to a new lower rate.

For example, see the table below:

What can stop you from getting a Halifax product transfer ?

Halifax can refuse to change your  mortgage rates at the end of the fixed term. This can happen in certain scenarios, like if you missed a mortgage payment in recent months. If you have taken consent to let by Halifax then Halifax will not permit the product transfer.

Does a Halifax product transfer need a credit check?

No, Halifax does not require a credit check on a product transfer. However, missing payments on monthly mortgages may lead to Halifax declining the product transfer.

Why use a mortgage broker for a Halifax product transfer?

Mortgage brokers can compare all of the mortgage rates for you, making sure you are not  missing out on better remortgage rates. Mortgage brokers have the expertise and tools to find and compare the best remortgage deals .  Your Mortgage broker can advise you whether you should stay with Halifax or remortgage to a new lender, without showing any bias to a particular bank.

Mortgage broker fees are one of the major factors people consider when using mortgage broker services. Not all mortgage brokers charge fees, like MariannaFS, while still accomplishing excellent work on your mortgage.

What are the factors to consider with a  Halifax product transfer?

When thinking of a Halifax product transfer, the following factors need to be considered.

Halifax Product Fees:

These fees can be added to your mortgage or paid upfront. Adding fees to your mortgage can be incurred in your interest rate charge.

New Interest Rate:

The new interest rates offered by Halifax can depend on the loan to value of the property. Usually lenders offer lower interest rates for mortgages with product fees. Always calculate what works out better for you.

Term of the New Mortgage:

Borrowers may be thinking to make overpayments (which will reduce their mortgage term) or want to extend their mortgage term to make payments more manageable. In all scenarios it is advisable to reconsider your chosen mortgage term.

Halifax Product Transfer Process

1 Get in touch with us via phone or online.

2 Let us gather enough information form you to work on your mortgage.

3 We will outline the mortgage options you will have form Halifax explaining all the important notes.

4 Once we have your approval then we can get the mortgage offer and complete the mortgage transfer.

Few important point to note.

Halifax product transfer does not require following information.

• No income proof required.
• No credit search is required.
• No Valuation is required.
• No Legal work is required.
• Best of all is No Broker Fee is payable.

Please note Halifax product transfer rates are client specific. The Rate below are for guide only.

Halifax  Product Transfer Rates for 90% LTV.

Explore Halifax rates for existing customers with higher loan to value.

Halifax  Product Transfer Rates for 85 % LTV.

Halifax exclusive rates to existing customers on 85 % loan to value. Clients could benefit from lower rates by saving on monthly mortgage payments.

Halifax  Product Transfer Rates for 75 % LTV.

Check Halifax preferential rates for existing customers with 75 % loan to value.

Halifax Product Transfer Rates for 60 % LTV.

These are the best rates offered by Halifax to existing customers with lower loan to value mortgages, meaning you  save big on interest rates.

In a (very small) nutshell, if your existing Halifax rates are coming to an end do not delay speaking to a fee free mortgage broker like MariannaFS. Staying with the same lender could save you time and effort, but always let a fee free mortgage broker compare the whole market to be sure you are not missing out on better rates elsewhere.

Benefits of Halifax Product Transfer Rates

Halifax Product transfer can benefit from some of the benefits below.

Different product options

Halifax offers a choice of tailored mortgages manly based on loan to value and other factors like a client’s current credit profile, usage of their accounts and in some cases, the energy efficiency of their property.

No upfront other cost

Halifax product transfer does not involve other cost like legal fees or valuation fees to pay when switching to a Halifax new product.

Secure a new rate earlier

Halifax allows to secure a new product transfer rate 3 months before your existing mortgage deal ends. The new rate will start after the current product has ended. If applying Halifax product switch  within the last 3 months of the existing rate ends  you can choose to start the new mortgage deal from the 1st of the following month without paying any Early Repayment Charge.

FAQs

How long does a Halifax product transfer take?

Halifax product transfer doesn’t take long to apply and get approval. The key bit is doing the research to know if you have got the correct mortgage deal by comparing fees involved. Staying with Halifax for product transfer, it’s much quicker there’s no underwriting, legals or valuations involved so it is very quick process.

Can you be declined a Halifax product transfer?

As with any mortgage lender, Halifax can decline your application for a product transfer if you have missed mortgage payments with Halifax. While changing mortgage rates Halifax do not do credit check or income check but missed mortgage payment or additional borrowing associated with Halifax product transfer can result in decline.

Related Guides

Halifax mortgage porting

Halifax fixed rate mortgages

Halifax Remortgage Guide

Halifax Mortgage Affordability 

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