Switch to a new Halifax mortgage deal before its 8.49% standard variable rate kicks in
It is usually a relatively simple process to secure a new rate if you already have a mortgage with Halifax.
The industry term for a rate switch is a 'product transfer.'
Trinity Financial's brokers can log in to your online account and confirm the best deals available through Halifax and the rest of the mortgage market.
We need your name and mortgage account number to check the rate with Halifax. To assess the market, we will ask you questions about your home, income, credit history and plans.
It is essential Halifax's mortgage customers act to secure a new deal before their rate finishes. On 22 June 2023, the Bank of England increased by 0.5% from 4.5% to 5%. This means from 1 August 2023, Halifax is pushing its Standard Variable Rate for mortgages from 7.99% to 8.49%.
Switch Halifax mortgage deals the faster way
If your current Halifax mortgage is ending, our brokers can show you all the deals available to you. If you want to proceed with the Halifax mortgage and are happy, there is no more competitively priced mortgage available through another lender; we can help you select the rates after you have answered a few simple questions.
- Getting a new Halifax deal should be easy - we need your name and mortgage account number.
- Switch your mortgage today or start later - secure an interest rate of up to six months before your current deal ends.
- Trinity Financial's brokers will assess the market to confirm you're getting the best deal.
- No legal fees or valuation charges if you stick with Halifax.
Is it possible to borrow more money as part of the rate-switching process?
If your Halifax mortgage rate is ending, it is possible to apply for additional funds, but your timing needs to be correct to get all of the mortgage at the same rate.
Borrowing more on your mortgage could be suitable if your monthly payments are up to date, and you could borrow up to 85% of your home's value, or 75% if you have an interest-only mortgage.
Trinity Financial brokers have helped many of our clients remortgage from their existing lenders when they have offered to lend them enough money or a competitively priced additional borrowing rate.
What is the point of speaking to Trinity Financial before doing a Halifax product transfer?
At a time when mortgage rate pricing is constantly changing, it is essential to make sure an expert is monitoring the market on your behalf.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation
The information contained within was correct at the time of publication but is subject to change.
Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage
Halifax declined to say how many borrowers pay its SVR, but figures from UK Finance, which represents the banking industry, show that 773,000 residential borrowers and 362,000 buy-to-let borrowers are on SVRs.
If your mortgage rate is coming to an end, it is advisable to check which rate your lender will offer you to stay and then compare it to the rest of the market.
Since the Bank of England started increasing the base rate, there have been more rate changes than normal. This means the pricing between banks and building societies can vary substantially for new and existing mortgage customers.
Halifax used to publish the rates it offers existing mortgage customers but about 12 months ago it stopped. The bank now has a system where customers are rated based on their track record will the bank.
Choosing a new mortgage is not necessarily as simple as it seems. More borrowers have been taking two-year fixed rates and two-year trackers rather than five or ten-year fixed rates.
Those opting for shorter-term rates hope the Bank of England will come down over the near term.
The issue is that five-year fixed rates tend to be cheaper than two-year deals, and rates have increased recently.
Halifax does not currently offer its existing customers early repayment-free mortgage products apart from its high standard variable rate.
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
