Halifax offering 1.87% five-year fix mortgage with £1,000 cashback

by Aaron Strutt

Jun 10 2018

Halifax for Intermediaries is offering first-time buyers and home-movers £1,000 cashback with one of the most competitively priced five-year fixed mortgages.

The 1.87% rate is fixed until 30 September 2023 and at the end of this period, it reverts to the lender's variable rate, currently 3.99%. The overall cost for comparison is 3.25% APRC representative.

There is a £1,499 arrangement fee and applicants will need a 40% deposit to qualify. Early repayment charges apply for the fixed period and the rate is available for mortgages between £250,000 and £1 million.

Halifax provides interest-only mortgages to those with a valid repayment vehicle and sufficient equity in the property after completion.

Aaron Strutt, product director at Trinity Financial, says: "There is a long list of lenders offering sub-2% five-year fixed rates for purchases and remortgages but most of them do not come with £1,000 cashback.

“Halifax has some very flexible lending criteria and a reputation of producing fast mortgage offers. Unlike many other lenders, the bank can assess documents as soon as they have been submitted to get an application agreed.”  

To qualify for the £1,000 first-time buyers and home-movers will need to apply by 24^th June 2018.

Representative example: A mortgage of £250,000 payable over 25 years, initially on a 1.87% fixed rate until 30/09/2023 and then on a variable rate of 3.99% for the remaining 23 years, would require 59 monthly repayments of £2,087.77 followed by 241 monthly repayments of £2,531.16. The total amount repayable would be £733,187.99 made up of the loan amount, plus interest (£233,187.99) and fees of £1,499. The overall cost for comparison is 3.25% APRC representative.

The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.

Call Trinity Financial on 020 7016 0790 or email to secure a mortgage