transfer mortgage halifax

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Porting or Transferring a Mortgage

transfer mortgage halifax

Porting a mortgage, also known as transferring a mortgage, is a process all homeowners should be familiar with.

The porting process allows you to apply your current mortgage terms to a new home loan with the same lender — all without breaking your mortgage contract. Porting a mortgage allows you to sell your house in the middle of a mortgage term and purchase a new one without having to pay potentially hefty prepayment penalties . 

Let’s find out what porting a mortgage involves, and when it’s a good idea. 

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How porting a mortgage works

Porting a mortgage is the process of transferring your current mortgage to another property after you’ve sold your current home. 

When porting a mortgage, your current interest rate and prepayment benefits all remain in effect, which can be especially beneficial if current mortgage rates are higher than when you negotiated your existing mortgage.

Can all mortgages be ported?

Many lenders allow their clients to port their mortgages, but not in every instance. Porting can only be done if you’re buying a new property and selling your old one.

Variable-rate mortgages cannot be ported. Most fixed-rate mortgages , however, can be ported — unless they’re restricted. A restricted mortgage typically sacrifices flexibility for lower rates. 

If you’re in a variable-rate mortgage and wish to port it, you may have to convert to a fixed rate first. If you’re in a restricted fixed-rate mortgage and have to sell your home before your term expires, you won’t be able to port it. You’ll have to break your mortgage contract .

That’s why it’s critical to check the details of your current mortgage before putting your home on the market. A quick call to your lender or mortgage broker should be the first step of the mortgage porting process. 

Porting a mortgage to a more expensive home

If you end up buying a home that requires a mortgage larger than the one you’re currently paying down, you’ll have to borrow more money from your lender to make up the difference. Buyers in this situation often find themselves in “blend and extend” mortgages . 

A blend and extend occurs when your lender applies a rate somewhere between your current rate and the one they’re offering on your new loan to a new mortgage term. For example, your current mortgage rate might be 2.5%, while your lender’s best offer today is 5.5%. Your blended rate could be somewhere around 4% for the next five years — much higher than what you’re currently paying, but also significantly lower than the rate you might be offered if you applied for a new mortgage.

If you’re upsizing and require a larger mortgage, your lender will need to requalify you based on your current financial situation. Expect to:

  • Have your credit score and debt service ratios evaluated.
  • Get an appraisal for your new home.
  • Provide proof of income and a letter of employment .

If you meet your lender’s criteria, it should be no problem to port things over. But if they’re worried about your debt load or the value of your new home, they may not extend the full amount unless you make a larger down payment.

Porting a mortgage to a less expensive home

If you’re downsizing, you may find yourself moving to a home that’s worth less than your current mortgage. In such cases, you may face a prepayment fee on the amount by which your mortgage decreases.

One way to avoid this is by reducing the down payment you make on the new property, since making a smaller down payment means prepaying less of the remaining mortgage. If possible, you might be able to arrange a small enough down payment that you don’t prepay any of your outstanding mortgage balance and escape paying any penalties. 

While making a larger down payment is generally a good rule to live by, making a smaller one while downsizing and porting can still be beneficial, especially if it saves you money on your rate. The capital you don’t initially put toward your new home purchase can be used for future mortgage payments. Depending on your mortgage details, you may be able to use it to make a modest prepayment in the future.

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When does porting a mortgage make sense?

Deciding whether to port your mortgage comes down to simple math. If it saves you money and you can afford the new mortgage payment, it’s generally a good idea. 

Let’s say the remaining balance on your mortgage is $400,000, and you’re paying a fixed rate of 3%. The new home you want to purchase is $500,000, and current interest rates are at 5%. That means you need to borrow an additional $100,000. If you were to port your mortgage and blend and extend, your interest rate would fall between 3% and 5% on a new term. That’s better than current rates — and you’re not paying any penalties — so you should come out ahead.

Crunching these numbers is much easier and more accurate with the help of an expert, so ask your mortgage lender or mortgage broker for assistance if porting is something you’re considering. 

Alternatives to porting a mortgage

One alternative to porting a mortgage is breaking your current mortgage before your renewal date and paying a penalty. These penalties can be quite high for fixed-rate mortgages — the only kind that can be ported — especially if there is considerable time left on the term. 

After breaking, you could then choose a different lender who might offer a lower interest rate compared to your lender’s blend and extend offer. 

Another alternative is to let the buyer of your current home assume your mortgage. This only works if both parties are interested and your lender approves it. 

For the buyer, the potential benefit of assuming a mortgage is access to a lower interest rate. As the seller, you’d be off the hook for the mortgage and wouldn’t need to pay any penalty fees because you’re not breaking the contract. In some provinces, however, the seller may remain personally liable on an assumed mortgage if the buyer misses a payments, so be sure to understand the rules in your jurisdiction.

Pros and cons of porting a mortgage

In some cases, porting a mortgage can work to your advantage, but it’s not always be the right move. It’s important to weigh the potential benefits and drawbacks before deciding whether to port your mortgage.

  • Favourable terms are extended. If your current mortgage has good terms and a low mortgage rate, you may want to stick with it to pay for your new house.
  • Lower monthly mortgage payments. Assuming interest rates have gone up since you negotiated your existing mortgage, your payments will be lower than if you break your current mortgage contract and sign a new one.
  • No penalty. Since you’ll be transferring your mortgage and not breaking it, you won’t be charged prepayment fees (unless you are reducing your mortgage balance).
  • You may not get the lowest rate . Other mortgage providers may have better rates than what your current lender is offering.
  • Limited time . Your lender will only give you between 30 and 120 days to port your mortgage. This may not be enough time to buy a new home and sell your old one.

Frequently asked questions about porting a mortgage

Porting a mortgage shouldn’t result in any new fees, but it can cost you in other ways, including higher interest rates, appraisal fees, or prepayment penalties.

Porting a mortgage can mean re-qualifying, which requires document collection and income verification. You could face a delay if getting your new home appraised when the housing market is busy and local appraisers are dealing with backlogs. You may be expected to complete the porting process within 30 and 120 days of approval, so you could face difficulties if you’re trying to sell your home when the market is slow.

About the Author

Clay Jarvis is NerdWallet’s mortgage and real estate expert in Canada. Thus far, his entire professional writing career has revolved around real estate. Prior to joining NerdWallet, he was the…

Barry Choi is a freelance personal finance and travel expert. His website moneywehave.com is one of Canada's most trusted sites when it comes to all things related to money and…

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Vendor Take-Back (VTB) Mortgage: What It Is and How It Works

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transfer mortgage halifax

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Current Halifax SVR - 8.74%

Boe rate - 5.25%.

  Compare mortgage deals     |     Switch process FAQ's     |   Request a Switch

Switching your Halifax Mortgage - with Halifax Mortgage Advisers

If your Halifax mortgage deal is coming to an end or you are paying Halifax's SVR - you need to make an important decision on how you will keep your mortgage payments low.

Our independent mortgage advisers are authorised to switch your Halifax Mortgage - we can often do this within 24 hours. We can switch your mortgage with our online mortgage switching service.

transfer mortgage halifax

Our switch guarantee for Halifax mortgages ensures our advisers will never charge for switching your mortgage - its a FREE service.

Existing Halifax customers now have access to bespoke rates individual to each account. If you would like an adviser to query your account for rate availability, use the request button below.

Live Halifax Rates - compare rates from Halifax

Use our mortgage switching calculator to see how much you can save by selecting a new product - the table will also show Halifax remortgage rates and new purchase rates.

Halifax Product Switch FAQ's

We can still help you switch your mortgage product with Halifax if your credit circumstances have changed. This could include things like,

  • Missed credit card payments
  • Overdrafts and banking arrears
  • Lated and missed personal loan payments
  • County Court Judgements (CCJ's)
  • Utility providers arrears
  • Mobile phone provider arrears
  • Low credit scores
  • Adverse credit file information

If you have changed jobs or roles which has meant a change in salary or a general change in employement such as change in industry - we can still help you switch. You may have also decided to go self employed and may not have a full years accounts.

Your income may have changed, reduced or you may currently be unemployed. We can still help you switch.

Some banks do offer product transfer or switch rates direct to customers. Unfortunately they can only tell about their products ! - which may not be the best rates on the market compared with other Banks. We compare rates from all banks and provide you with independent opinion.

Remortgaging is an option if you want to make changes to your mortgage. Our adviser firms will confirm with you the best options for you.

Please make an enquiry using our contact us form.

A FCA regulated adviser will call you to talk you through the process and complete a short form.

Once the form is completed the adviser will return some suitable products

They will then Switch your product directly with Halifax

There are NO adviser or Brokerage fees for Remortgages and Product Switches with Switch Rates.

There are no Valuation fees involved with Switching your mortgage with Halifax.

  • If you would like to contest a banks 'automated' valuation during the switching process a revaluation fee may be applicable.

Please look at the product fees section of the products available from Halifax. They offer a range of products that do NOT have any arrangement or products fees.

There is no conveyancing or 'legals' during the Halifax mortgage switching process. No fees are payable.

Switching a mortgage product with Halifax usually takes a couple of days.

You can switch up to 90 days before your current Halifax product expires. If you decide to switch during this time, Halifax will waive any product penalties due.

You can still switch if you have an interest only mortgage.

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  • Product transfers and further advances
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Product transfer

1. review details of your clients existing mortgage..

You can find details of your clients existing mortgage information by signing into Halifax Intermediaries Online and selecting the Mortgage Enquiry option on the left hand menu of the homepage.

A product transfer can be keyed where your client is within the last 6 months of an existing product. The new product will start after the current product has ended.

Where your client is within the last 3 months of an existing product you can choose to start a new product:

  • From the 1st of the following month and we will waive any Early Repayment Charge
  • Forward date the new product to start after the current product has ended.

Multiple products in the product transfer window

Please note:  this process has been updated to confirm the second PT can only be actioned after the first PT has taken effect.

If a customer has two separate products both ending within the six month product transfer (PT) future dating window two separate PT applications need to be keyed ; the first PT for the product with the earlier expiry date and a second PT for the product with the later expiry date. We offer the option for you to select the same new product for both PTs i.e. we will honour the product secured on the first PT for the second PT using the process below:  

  • Key the first PT application online as normal. You do not need to advise us at that point if a second PT will be required (unless you are recommending more than one product)*.
  • When the first PT has taken effect the second PT can be progressed.
  • On the Mortgage Enquiry Product Finder you can review the latest PT products that are available for the second PT ; if you wish to proceed on a new product rather than using same product as the first PT key the second PT online as normal.
  • If you require the product from the first PT for the second PT, the second PT application cannot be keyed online and you should instead call our support team on 0345 901 3161 to key the PT. When you call advise us you wish to use a product from a previous PT on a second PT application.
  • Our support team will arrange for the product required to be rebuilt and will contact you within 72 hours so they can complete the keying of the PT.
  • When the new illustration is produced you can view this online. You should upload a completed Declaration Form (PDF, 40KB) to confirm the customer wishes to proceed and the second PT will then be offered.  

Where the product from the first PT is used for the second PT any applicable product fee would not be charged a second time. If a different product is selected for the second PT then any second product fee that applied would be charged as normal.  

*If you are recommending more than one PT product e.g. for the first PT to go onto a 2 year product and for the second PT to go onto a 5 year product, we would ask you do contact our support team at stage 1 above to confirm the product code you wish to secure for the second PT.   

We’ll also allow you to secure a product if a PT would be available but you can’t key this as there’s a previous PT application which is yet to take effect. For example, if when you key a PT a second product isn’t yet within the 6 month future dating window, but when it enters that window you can’t key a second PT as the first PT hasn’t yet taken effect. Please contact our support team when the second PT would normally be available to key and confirm the product code that you wish to secure. That product could would be from those currently showing available for the customer on the Mortgage Enquiry Product Finder.

When the first PT has taken effect if you want the product you had previously identified for the second PT (and called us to secure) you should call our support team for them to key the PT as above.

2. Produce a Mortgage Illustration

To produce a product transfer mortgage illustration, sign in to Halifax Intermediaries Online and select ‘Mortgage Enquiry’ or ‘Create Product Transfer’ – both options will initially navigate to Mortgage Enquiry. Once you have reviewed your clients mortgage information you will be able to begin the product transfer process.

Answer the Fact Find questions which will determine the process required. Please see our Product Transfers Keying & Process Guide(PDF, 154kB) which shows for different scenarios how the Fact Find questions should be answered and the resulting process to follow.

Instant illustration and online completion:

  • For simple product transfer applications on repayment mortgages, where no contract changes are required, you will be able to select a new product, generate a quote and produce a mortgage illustration instantly.
  • If the client is happy to proceed, an on-screen declaration will allow you to offer and complete the application in one straight-through online transaction. No documents are required and there is no need to call us.

Customer budget assessment or full affordability required:

  • For interest only mortgages, or where the client wishes to make a change to their mortgage contract in addition to the product transfer, such as a change to the term, an element of review by our Refinance Team will be required.
  • These applications cannot be completed in one straight-through process, however a mortgage illustration will be produced by the Refinance Team and made available online.
  • In order to obtain an illustration please continue to key the product transfer online and this will automatically submit an instruction to the Refinance Team who will create the illustration. There is no requirement for you to contact the Refinance Team to progress the product transfer.
  • You must accept the illustration to complete the application - you can do this by completing the Broker Declaration (PDF, 40kB) form available in the Mortgage Literature section of our website. When you have completed the declaration, please upload online.

3. Documentation and Case updates

You should upload any requested documents to support the application.

You will be notified by email of application updates and issued offers that will be available for you to view online. Please see our Product Transfers Keying & Process Guide(PDF, 154kB) which covers some common scenarios and questions.

When a future date of effect is chosen

Rather than completion of the product transfer taking place immediately after the offer has been issued, the application will remain at offer produced until it completes in the month before the date of effect. There is no need to contact us again after the offer has been issued as completion will take place automatically. A confirmation email will be issued after completion and the completion letter will be sent to the customer including details of their new monthly payments.

The illustration and offer produced on a forward dated PT are based upon the mortgage balance in the month submitted. The procuration fee quoted in the offer will also be based on that balance. Please note that the actual fee which will be paid is based on the mortgage balance at the date of effect. If the mortgage balance has reduced between the mortgage offer and the start of the PT e.g. on a capital and interest repayment mortgage, the procuration fee paid may differ to the amount stated on the offer document.

4. Cancellation

If your client no longer wishes to proceed with a product transfer this can be cancelled from the date of application until up to 28 days from the date on their product transfer completion letter.

‘Completion’ of a product transfer will take place in the month before the new rate takes effect; when a PT has been future dated completion will be early in the month before effect, and if keying a PT to start from the following month completion will take place shortly after the offer has been produced.   If you wish to change the new product selected on a product transfer offer, you must first cancel the existing PT application and then key a new application.

Pre-Completion

On your My Applications page find the required PT tile and click the ‘Cancel’ button. You can then key a new PT application as normal. If the ‘Cancel’ button does not show this means the PT has already completed and a ‘Completed’ status will show on the My Applications page.

Post-Completion

A PT can only be cancelled within 28 days of the date of the customer’s completion letter. To cancel the PT please complete our online form .

We will email you an update within 24 hours of submitting the request. Any new PT application cannot be keyed until you receive confirmation the cancellation has been completed.

Please be aware that if you request cancellation of a PT close to the end of the month, we will endeavour to complete the cancellation so that if required you have time to key a new PT before the end of the month, but we cannot guarantee the time the cancellation process will take if further actions are required.  

Cancel a product transfer

Halifax Product Transfers & Renewals – Existing Customers Only

Halifax mortgage renewal rates under 60% loan to value.

Halifax Product Transfer rates changed on sub 60% 2 year fixes 6th February, call our Team immediately on 0208 979 9684 to discuss your situation.

Please note: Halifax do not have a uniform set of rates for product transfers. As of 2022 each individual customer is now offered their own set of rates to choose from. The rates shown are the lowest we have seen offered currently. Call us on  0208 979 9684  or  click here to obtain your personalised list of Halifax product transfer rates.

Halifax standard variable rate is now 8.74% – take action

Halifax mortgage renewal rates under 75% loan to value, halifax house price index.

Halifax house price index and your mortgage options as an existing Halifax borrower.

One of the key parameters that affect your mortgage rate options is the loan to value on your account. This is the ratio of mortgage balance to estimated value of the property. The estimated value of your property on the Halifax system is driven from the Halifax House Price Index.

If the Halifax House Price Index falls, your valuation may fall and your loan to value increase. This may push your mortgage account into a new, more expensive set of product options.

The next Halifax House Price Index report is due early in January 2024 and values are likely to be reduced due to current market conditions.

What this means for you as a Halifax existing borrower?

The smart approach will be to secure a new Halifax product transfer rate now before any valuation changes. You can secure a new rate up to six months before your current rate is due to end.

Securing a rate now will protect you from adverse valuation changes, or future rate rises.

If Halifax product transfer rates fall between now and when you new rate is due to start, you have the option to pick up the lower rate.

Halifax mortgage renewal rates under 80% loan to value

Halifax mortgage renewal rates under 85% loan to value, halifax mortgage renewal rates under 90% loan to value, halifax product transfer rates – early repayment charges.

Overpayment allowances

As a concession Halifax allows overpayments each calendar year of up to 10% of your outstanding balance without early repayment charges. If you intend to make regular or lump sum overpayments, firstly check with the lender that you will be within your overpayments limits.

When can a select a new Halifax Product Transfer Rate?

Halifax existing customers can now select and secure a new Halifax Product Transfer rate up to six months before their current mortgage product ends.

Example: Existing rate ends 31st December, a new rate can be selected from 1st July

Our Halifax Mortgage Product Transfer Process

  • Call our Team, or complete our enquiry form
  • Once we have your permission we will email you full details of your current mortgage and your new mortgage options.
  • This information will be outlined clearly on a single page.
  • You can then consider your options and we will be available by telephone, text, or email to answer any questions you may have and guide you as necessary.
  • Once you have advised us of your preferred option, we will generate a formal Halifax product transfer mortgage offer and email it to you for approval.

Points to note

Our Halifax mortgage product transfer service is free of charge

A mortgage product transfer with Halifax does not require:

Credit searches Proof of income Property valuation or visit Legal work

This means a drop in your income since you first took your mortgage will not prevent you securing a new rate with Halifax.

You can secure a new rate with Halifax up to six months before your current mortgage rate ends. If Halifax offered rates improve before your current mortgage rate ends, we can swop you on to the new, lower rate. If rates increase before your current mortgage rate ends, your secured rate is unaffected.

If requested, we can compare your Halifax rates against options from the whole of the UK market if requested

A mortgage secured against your home is a regulated product and we will therefore need to gather a little background information in order to progress your rate switch. We gather this information securely online and it will take no longer than 5 minutes for you to provide the required information to us.

Seeing Bank of England base rate rises?

Worried about your mortgage interest rate rising.

Please note:

If you are on a fixed rate you are currently safe from BOE base rate rises. Currently arranged fixed rate mortgages do not rise with the Bank of England base rate, however, rising BOE rates do put pressure on future fixed rates to rise. Tracker rates will rise immediately with the Bank of England base rate

If your mortgage rate is ending within the next six months you should contact us to secure a new rate as soon as possible before your future options become more expensive

Halifax mortgage customers

  • Existing Halifax borrower?
  • Looking a Halifax mortgage renewal to a new mortgage product?
  • Access rates lower than those on your App
  • Looking for a Halifax 2 year fixed rate? – we can access 2 year rates for you
  • Looking for the lowest Halifax renewal rates available for a +£250,000 mortgage?
  • Check with our Team that you are being offered the best Halifax mortgage rate for your needs
  • We answer our phone in seconds on  020 8 979 9684
  • Prefer to work online?  click here

7 Great things about Halifax Product Transfers through A Mortgage Now

We can get you a lower remortgage rate We can access lower Halifax Mortgage rates for larger mortgages that you cannot get direct from the Lender. We can access ALL available Halifax rates for you We establish your mortgage balance and current property value and let you know all the rates available to you (including two year fixed rates which are not offered to you when you deal direct with Halifax). You can reserve your new deal with us – now You can reserve a new Halifax mortgage product up to six months (changed from 90 days on 5/12/22) before your current deal ends. If your new Halifax rate is lower, we can even transfer your product early, saving you money. You can switch quickly We can get your new mortgage remortgage product offer secured within hours in most cases. There’s no credit check A Halifax product transfer is available regardless of your recent credit history. Changes in your circumstances are not a problem We can arrange a Halifax product transfer even if your income has dropped or one borrower has stopped working. There’s no need for a house valuation We obtain a valuation of your property from Halifax, same day, at no cost.

We can arrange a re-mortgage if more appropriate If the rates offered to you by Halifax do not suit, we can place you with a more competitive lender.

Interest Only?

If any part of your Halifax mortgage is on an interest only basis. We can still arrange your new Halifax mortgage rate for you. The process is a little more complex, but you will not notice as we manage those complications for you. All without any Broker Fees from us.

Halifax Product Transfers – Fee or no fee rate?

Halifax offer product transfer rates with and without product fees. On fee charged mortgages the product fee is typically £999. The product fee may be paid upfront or added to your borrowing.

Why pay a product fee to Halifax?

The mortgage interest rates on fee charged products can be considerably lower than the interest rates on products with no product fee. Therefore for certain borrowers your saving on interest when using a fee paid product can easily outstrip the cost of the fee.

Simplified example: Borrowing is £200,000 fee is £999, difference in interest rate between the fee and no fee rate is 0.2%. Over the term of a five year product you could be saving 0.2% per year in interest, over five years that totals 1% interest saved. 1% of £200,000 is £2,000, making the saving twice the cost of the £999 fee.

Why you should deal with a Broker?

There are a number of factors that can affect whether a fee charged product is better for you. Factors such as:

  • Your borrowing level
  • Your mortgage term
  • Overpayments

Therefore making a decision on whether to use a fee charged product can be complex and is best left to an experienced and regulated mortgage broker. This is not a call that Halifax want you to make without the proper advice so they offer the lower interest products only via approved and regulated mortgage brokers such as A Mortgage Now.

Additional borrowing required?

We can help you arrange additional borrowing from Halifax at competitive rates for a number of reasons including:

  • Home Improvements
  • Purchase adjacent land
  • Extending your lease
  • Gifts to relatives
  • Purchase additional share (affordable housing schemes)
  • Buying out co-owner (e.g. ex Partner)
  • Debt consolidation
  • Buying further property (buy to let)

We handle the entire application process for you, and in most cases the cash will be in your Bank account inside 14 days.

Please note that satisfactory proof of income, and credit scoring will be required in order to increase your borrowing.

Moving home?

Are you intending to move home? Are you aware that you may have the option to ‘port’ your current mortgage property when you move in order to avoid paying an early redemption penalty? Halifax will allow you to take your current mortgage product with you and apply it to your new mortgage with any additional borrowing set up alongside on a new rate.

Call us now for help with moving home.

Halifax mortgages with balances under £100,000?

Halifax do offer a set of new rates for mortgage borrowers will balances under £100,000. However, we do not usually assist on these cases.

Eligibility

In order to be eligible for Halifax Product Transfer switch:

  • You must be an existing Halifax residential mortgage client
  • Your mortgage account must be up to date with no history of arrears
  • You must be currently on a product with a product end date in the next 90 days

Halifax ‘A’ Numbers Product Transfers

Have you a Halifax mortgage account number starting with an A?

Example A/36575884-3

Been told you need to go in Branch to make a Product Transfer?

This is no longer the case and our team can assist you online.

Halifax Mortgage product transfer rates – lending bands

Halifax product transfer rates are priced across lending bands and loan to values.

Lending Bands

  • £0 to £99,999
  • £99,000 to £249,999
  • £250,000 to £7,500,000

Loan to value Bands

  • Up to £120%*

* these products are designed to assist Halifax mortgage clients who are close to, or drifting into negative equity. 120% loan to value is not available for new borrowers.

Halifax part of the Lloyds Banking Group and have the biggest market share on mortgages in the UK. Halifax mortgage pricing is sometimes the most competitive in the market but they do not seek to win business purely on price. Flexibility of their underwriting criteria is a key reason why many people use Halifax for their mortgage. Below we outline some of the key points to note when considering Halifax as your mortgage provider.

Halifax underwriting – key benefits

Maximum age at the end of the mortgage term with Halifax is 80 years. Where an applicant expects to take a mortgage beyond their retirement age, or age 70 (whichever is the earlier), the lender will need to be confident that the applicant can support the mortgage on their proven retirement income. The minimum age to obtain a mortgage with Halifax is 18 at application.

Concessionary purchase

Concessionary purchase can be considerable Halifax but only where the original owner moves out immediately on completion. Vendor can be a close family member or a landlord.

Forces Help to Buy to buy scheme

Funds from a Forces Help to Buy to buy scheme can be used in conjunction with a Help to Buy to buy scheme purchase.

Gifted deposit from family

Gifted deposit is acceptable to Halifax from blood relative or family by marriage or civil partnership, or between common-law partners or cohabitees. They will not consider gifted deposits from friends, employers, landlords, cousins.

Halifax and ‘mortgage prisoners’

Halifax will consider applicants classed as ‘mortgage prisoners’ for remortgage applications. This applies to borrowers who found themselves with a mortgage lender that is is no longer active and able to offer new rates. Provided the applicant parties credit score Halifax can still accept the application even if affordability does not fit provided:

  • it is a remortgage of the main residence with no additional borrowing
  • maximum borrowing is 75% of the property value
  • the new monthly payment must be no more than 5% higher than the current payment
  • the mortgage cannot be on a shared equity or shared ownership scheme
  • the potential borrowers must not be in financial difficulty*

*financial difficulty means falling current commitments of expenditure but not managing day-to-day control, overspending, overcommitted financially or over indebted

IT Contractors

Income from IT Contractors can be considered by Halifax where there is a 12 month history and six months of the contract remaining, or a two-year history as a contractor.

Multiple applicants

Halifax will accept up to 4 applicants considering a maximum of two incomes.

Professional sports people

Halifax will consider lending to professional sports people have at least 12 months employment with more than six months of their contract remaining. Where applicants are nearing the end of their likely careers the lender will want to satisfy themselves that monthly payments can be met should the career be ended abruptly due to injury.

Rental Income

Rental income can be used to offset the cost of buy to let mortgage payments but will not be added in to support affordability.

Remortgaging and raising capital

Halifax will consider remortgaging and raising of capital up to 85% loan to value.

Affordability and self-employment

Halifax currently offer slightly less unaffordability where one applicant is self-employed. Applicants who own less than 25% of the business will not be considered self-employed for lending purposes and will be underwritten as employed.

Second Incomes

Halifax can accept income from a second job or self-employment provided they can satisfy themselves the client can sustain both forms of income.

Zero Hour contracts

Halifax will consider applicants with zero hour contracts once they have a 12 month history.

Halifax underwriting – points to watch out for

Halifax will not consider applicants with a history of bankruptcy registered within the past six years.

Halifax will require an external wall system form (EWS 1) where any building has a potentially combustible planning system. Full will need to confirm that there are no significant quantities of combustible materials or defects requiring remedial work. The valuer will advise where an EWS 1 form is required. Buildings up to 6 stories or 18 m in height technically do not need at EWS 1 form but it may still be requested.

Halifax do not accept applications from expats.

First Time Buyers

To be eligible for a first-time buyer product with Halifax at least one applicant needs to have not previously had a mortgage or purchased a property either in the UK or abroad.

Interest only

Interest only mortgages can be obtained with Halifax but there is some strict criteria on eligibility. In particular joint applicants must have a total income of £150,000 of a single applicant a total income of £100,000. (Existing Halifax interest only mortgage account holders are not subject to this criteria to continue on interest only) Where sale of mortgaged property is to be used as a method to repay the capital on the mortgage must be a minimum equity of £300,000. Lending up to 50% loan to value can be considered interest only with the remaining element up to 75% loan to value taken on a capital repayment basis. Lending into retirement is not possible on an interest only arrangement.

Halifax lending limits

Halifax will lend up to £500,000 with a 5% deposit, and up to £750,000 with a 10% deposit. Borrowing over £1 million will require a minimum 20% deposit, and 30% deposit for borrowing over £2 million. Maximum lending on remortgage of unencumbered policies will be 85% loan to value.

Up to 2 lodgers in the property are accepted provided they are sharing living accommodation. Income from lodgers is not included in affordability calculations.

Non standard construction

Properties of non-standard construction can be considered and will be assessed on their own merits by the valuer. For example precast concrete buildings may need to have undergone repair the be considered acceptable.

Lending on second homes

Halifax will consider lending on second homes up to 75% loan to value. Occasional letting of the second home can be considered but if more than four months per year it will be considered the buy to let and treated accordingly.

Halifax and self build lending

Halifax will consider self build lending but will need to schedule and cost of works, full planning consent, and appropriate insurance for construction. Halifax customers cannot put their existing mortgage product to a self build. Maximum loan to value for self build is 75% and loan size up to £1 million. Halifax will release the funds in a maximum of five instalments, normally at the following stages:

  • purchase of the land
  • completing the foundations
  • construction of walls to wall plate level
  • roof complete
  • build complete

Halifax and leases

The minimum remaining lease term for a Halifax application is 70 years.

Minimum valuation

Minimum property valuation for Halifax applicants is £40,000

Mortgage Product Transfer with another Lender? – click below

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  • Kent Reliance Mortgage Product Transfer rates
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  • Platform Mortgage Rates Existing Customers
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  • Scottish Widows Bank Mortgage Product Transfer rates
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  • The Mortgage Works | mortgage product switches for existing TMW buy to let borrowers
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Last updated on 12th July 2023 by Martin Alexander

Circumstances in life often change, and when a mortgage or property is concerned, it may involve having to transfer a mortgage. Transferring a mortgage can include adding, removing or replacing a person on a mortgage. A transfer can take place during an existing mortgage term or a remortgage.

The process of a mortgage transfer may seem complex, but with the right support and expertise, it can be straightforward. While many situations may warrant a transfer, this guide aims to cover each scenario.

Please note:  If you wish to transfer your mortgage to a different property, this is known as mortgage porting.  Learn more about porting a mortgage here.

What is a mortgage transfer?

A mortgage transfer is where a person is added, removed or replaced on an existing mortgage. This process is called a transfer of equity.

A transfer of equity may be used in the following ways:

  • Adding a person to a mortgage
  • Removing a person from a mortgage
  • Replacing an existing person on a mortgage with somebody else

A transfer of equity is common in the following scenarios:

  • Adding or removing a family member from a mortgage
  • Adding or removing a partner from a mortgage
  • Family mortgage transfers
  • Adding a child to the deeds of a property
  • Couples that want a sole mortgage  as opposed to a joint mortgage

Some lenders are more open to equity transfers than others. This is why an advisor can give you a more tailored answer and provide the right guidance based on your circumstances.

What to consider during a mortgage transfer

A mortgage is a huge financial commitment that can span over decades. As a result, there are a few important points to consider before you commit to transferring. Your lender and broker will also check that you meet the criteria involved with the transfer.

Points that you should personally consider, along with the criteria that lenders will check for, are as follows:

  • Affordability – can you afford the proposed mortgage?
  • Equity in your existing mortgage
  • Credit history
  • The property itself (construction type and condition)
  • Employment situation
  • Reasons for transferring a mortgage
  • Costs involved
  • Stamp duty (where applicable)
  • Early repayment charges
  • Independent legal advice (for each party concerned)

There are other points to consider, such as your circumstances. For instance, you may have recently become self-employed or plan to go on  maternity leave . Each of these factors will have a bearing on the suitability of particular lenders. That’s why it’s always recommended to speak to an advisor to see what your options are.

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How do I add someone to my mortgage?

Adding someone to a mortgage is the most common reason for a mortgage transfer. Couples may be moving in together and want to share the financial costs. Typically, adding a partner to a mortgage involves changing a single mortgage into a  joint mortgage .

From a lender’s perspective, adding another person to a mortgage can offer them more security. Nonetheless, lenders will still carry out their usual checks to ensure the mortgage is affordable for the new homeowner.

You may also be charged stamp duty. This is because the new homeowner is technically purchasing part of your property. Adding a partner to a mortgage also involves legal changes to the property deeds.

Although a transfer can happen anytime, you may be subject to an early repayment charge (ERC). This is likely to occur if you transfer during your existing mortgage term. If this is the case, it’s best to add your partner when it’s time to remortgage.

Not only will this save you from having to pay an early repayment charge, but you can then take out a new joint mortgage together rather than making a transfer of equity.

Can I buy my partner out of a joint mortgage?

Couples that have separated and have moved out no longer want to pay a mortgage on a property they no longer live in. The options left are to either sell the property together or have one partner buy the other partner out. You can then remove an ex-partner from the mortgage and the property title. The process can be quite simple, especially if both partners remain amicable.

A transfer of equity is still possible, but lenders would check that the remaining homeowner can afford to repay the mortgage. Furthermore, the remaining homeowner must buy their partner’s share of the property. Once a partner’s name is removed from the mortgage, most lenders insist they also move out of the home.

Removing a partner from a mortgage is based mainly on affordability, but other factors are still checked. This can involve details of employment, income and credit checks.

It’s also important to note that marriage does not affect removing partners from a mortgage. Lenders will treat married applicants and cohabiting couples similarly in such circumstances. From a lender’s perspective, anyone named on the mortgage is responsible for repaying it, irrespective of their marital status.

Read more:  How to buy your partner out from a mortgage .

Can I replace one person on the mortgage with somebody else?

Replacing one person on your mortgage with another is certainly possible. This first requires removing a person from a mortgage and then adding the new homeowner. This can all be done during the transfer of equity.

Replacing one homeowner with another can be straightforward. This is certainly true when the new homeowner meets the lender’s affordability criteria.

Removing a person from a mortgage can place an additional cost on the remaining owner as their share of the repayment amount will increase. Having a replacement has the opposite effect, as it can provide additional capital to buy the previous owner out.

If you’ve inherited a property, you may want the existing mortgage in your name.  Read more about probate and mortgages here .

How do I transfer my mortgage to somebody else?

If you simply want to transfer your mortgage to another person, it is possible, but there are a few caveats. This is known as gifting a property.

Lenders will only agree once the original mortgage has been settled. Typically, you remove yourself from the mortgage by repaying the loan in full. The new homeowner will then take out a new mortgage on the property. Some lenders may only agree when it’s time to remortgage.

Other scenarios involve parents adding their children to the deeds of a property, which can provide children with financial security. Again, this can be done using a transfer of equity. Some families will also do this for reasons involving inheritance tax.

Can I transfer a mortgage if it involves bad credit?

Whether you’re adding or removing a person from a mortgage, lenders will still carry out their usual checks as a standard procedure. This does involve carrying out credit checks on where the mortgage is being transferred. Lenders do this so that they can check the financial conduct of the new or existing homeowner.

Often enough, break-ups between couples can sometimes lead to one or both partners ending up with credit issues. It’s a common scenario where a divorce or separation has left one or both partners with either CCJs, defaults or a combination of credit issues. If bad credit is involved, then it does become difficult to transfer. Nonetheless, transferring a mortgage with bad credit is still possible.

Lenders will usually check the severity of the credit issues and how recent they were. There really is a multitude of possibilities when it comes to bad credit. As a result, it’s only possible to provide a tailored answer by speaking to you. You can make an enquiry to check whether or not a transfer will be eligible.

Consult a specialist with experience in this field

Transferring a mortgage can be simple when the advice you receive is right. Often enough, a lack of experience or approaching an unsuitable lender can result in mortgages being declined.

Mortgage transfers are second nature to our specialists, who deal with them daily and have been doing so for several years. Whether you’re adding, removing or replacing someone on your mortgage, our advisors can guide you through the process.

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About the author

transfer mortgage halifax

Martin Alexander

Martin is a senior mortgage advisor who has held a CeMAP qualification for over 15 years while completing an MBA in Global Banking and Finance.

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All content is written by qualified mortgage advisors to provide current, reliable and accurate mortgage information. The information on this website is not specific for each individual reader and therefore does not constitute financial advice. Expert Mortgage Advisor is a trading name of Expert Money Advice Limited. Expert Money Advice Limited is a registered company in England under number: 11006420. Registered Office: 119a Friar Gate, Derby, DE1 1EX. Expert Money Advice Limited is authorised and regulated by the FCA (Financial Conduct Authority). FCA REGISTERED NUMBER 831021

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Why Is My Mortgage Being Transferred?

transfer mortgage halifax

Has this happened to you? You recently closed on your mortgage only to find that your loan has been sold to a different institution for servicing.

If you’re like most borrowers, you have questions. Why my mortgage? Why am I now making payments to someone else? Will my mortgage payment increase? Will it affect payments of my property taxes? And what is servicing anyway?

First thing’s first: Relax. As Peter McCarthy, PNC Bank’s Head of Mortgage, puts it, this is a commonplace event.

“People always ask if a transfer affects the terms of their mortgage. And the answer is ‘Absolutely not.’ Many mortgage lenders routinely transfer loans to other companies who have the capability to better service the loan over its lifetime. Your mortgage isn’t being singled out, but more likely is simply one among many in a very large transaction. At the same time, your new mortgage servicer has likely planned well in advance to make sure the transition is easy for you.”

And what is servicing? It encompasses a wide range of activities, including collecting monthly mortgage payments, paying property taxes and insurance premiums, handling escrow accounts, and providing customer service to borrowers throughout the term of their loans.

“If you want the confidence of a single relationship over the life of your mortgage,” McCarthy continues, “ask if you can expect the lender to also be your servicer. But ask before you apply. If you prefer, you can always choose a different lender who will also act as servicer of your loan.”

To clear up any confusion, PNC Bank offers the ins and outs of what to expect in the event your mortgage is transferred to a different servicer.

What Will Change

In short, the only difference will be where you send mortgage payments, as well as the key contact information for any questions you might have.

Your notification will contain detailed information on where to direct payments, whether by mail, automatic payments from your checking account, or other options, such as by phone.

“It’s a process designed to make things as transparent and self-evident as possible for the homeowner,” McCarthy adds. “In fact, PNC Bank has a landing page specifically designed to make the transition simple.”

As one example, if you are making automated payments from your checking account with your current servicer, you’ll be supplied an authorization form to allow drafts to the new servicer. It is important to sign this document and return it to your new mortgage servicer as quickly as possible. That way, your mortgage payments can remain current.

What Won’t Change

When your mortgage is transferred to a different servicer, the most common question is, ‘Will this affect the terms of my loan?’

McCarthy’s answer? “We always want to reassure customers on this score: Nothing will change from your original mortgage contract. The terms, the specified payments, and the payment date all remain the same.”

Further, your new mortgage servicer should automatically take over responsibility for all escrow payments from your previous servicer. That means satisfaction of state and local property taxes will be handled through the new servicer, as well as private mortgage insurance and homeowners’ insurance.

What Are The Potential Issues?

You should have received notification from the previous servicer regarding the transfer of your mortgage servicing. Once the transfer has been made between servicers, you will receive a letter of introduction from your new servicer. Those are sent before your next anticipated payment.

That means it’s important to review the information promptly, taking any needed steps to set up new payment information, and review your account information for accuracy. Further, your new mortgage servicer will certainly reach out if they are not receiving payments yet for your loan.

In a very few cases, there may be issues that crop up. For example, if you were in the process of cancelling private mortgage insurance with your previous servicer, it’s important to verify that this process has continued over your new mortgage servicer.

New mortgage servicers typically understand that there may be confusion associated with switching payments from one servicer to another. That is why a team of customer service representatives will likely be on call to answer any questions or facilitate a solution, all to help ensure a seamless transition.

It’s Easier Than You Think

That’s all there is to it. The transfer process between mortgage servicers is designed to be almost effortless and painless to homeowners like you.

If you receive notification that your mortgage has been transferred, read the welcome documents carefully and follow the step-by-step instructions. Or if you have questions, contact your new mortgage servicer for help.

As McCarthy puts it, “We take a lot of pride in the professionalism of our mortgage service team. While a mortgage servicing transfer may be unexpected by the homeowner, we work hard to make the process as easy and as understandable as it can be.”

Learn more about PNC Bank’s mortgage transfers here .

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Important Legal Disclosures and Information

These articles are for general information purposes only and are not intended to provide legal, tax, accounting or financial advice. PNC urges its customers to do independent research and to consult with financial and legal professionals before making any financial decisions. This site may provide reference to Internet sites as a convenience to our readers. While PNC endeavors to provide resources that are reputable and safe, we cannot be held responsible for the information, products or services obtained on such sites and will not be liable for any damages arising from your access to such sites. The content, accuracy, opinions expressed and links provided by these resources are not investigated, verified, monitored or endorsed by PNC. PNC is a registered service mark of The PNC Financial Services Group, Inc. (“PNC”). All loans are provided by PNC Bank, National Association, a subsidiary of PNC, and are subject to credit approval and property appraisal.

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©2023 The PNC Financial Services Group, Inc. All rights reserved. PNC Bank, National Association.

Birmingham Mail

Santander, Nationwide, Halifax, NatWest customers told 'review' mortgage urgently

T he average fixed mortgage rates have risen in a blow to UK households, according to a financial information website. The average two-year fixed homeowner mortgage rate on the market on Tuesday was 5.70 per cent, according to financial information website Moneyfacts.

This was up from an average rate of 5.69 per cent on Monday. The average five-year fixed homeowner mortgage rate was 5.28 per cent on Tuesday. This was up from an average rate of 5.27 per cent on Monday.

Rachel Springall, a spokeswoman for Moneyfacts, said: "The swap rate market (which is used by lenders to price their loans) has been notably volatile over the past month, and rises are having an impact on fixed rates. The average two-year fixed mortgage rate appears to be rising more than longer-term rates for now, so it's possible short-term fixed pricing will remain a key focus for lenders reviewing their margins in the coming weeks.

READ MORE New parking laws 'long overdue' and 'zero tolerance' for drivers

"As always, its vital borrowers seek (the) advice of a mortgage broker to review their options." Santander hiked residential and buy-to-let rates in its new business range earlier today, the banking giant confirmed. It was also increasing some residential and buy-to-let fixed rates in its product transfer range.

A Santander spokesperson said: "Santander continually reviews its rates based on a number of factors, such as wider market conditions including swap rates. We offer a range of competitive mortgage deals with five-year deals starting from 4.17% and two-year deals starting from 4.53%."

Mortgage rates jumped following the mini-budget, but have been on a general downward path in recent months as inflation has eased. According to Moneyfacts' data, at the start of February, several major lenders had fixed mortgage rates priced below 4%, including Santander, Nationwide, Halifax, HSBC UK and NatWest.

But, on Tuesday, its records showed a handful of lenders offering fixed rates below 4%, including HSBC UK, AIB and Danske.

The average two-year fixed homeowner mortgage rate on the market on Tuesday was 5.70 per cent, according to financial information website Moneyfacts.

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Blow to homeowners as mortgage interest rates ‘rising’ amid ‘volatility’ in the property market

Blow to homeowners as mortgage interest rates ‘rising’ amid ‘volatility’ in the property market

British public react to interest rates being kept at 5.25 per cent

Patrick O'Donnell

By Patrick O'Donnell

Published: 21/02/2024

Homeowners and buyers have been hoping for a reduction in mortgage rates in the near future

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Mortgage rates are “rising” amid volatility in the property market, experts are warning homeowners and prospective homebuyers.

The average two-year fixed homeowner mortgage rate on the market on Tuesday was 5.70 per cent across all deposit sizes, according to financial information website Moneyfacts .

This represents a slight jump from an average interest rate of 5.69 per cent earlier in the week.

Similarly, the average five-year fixed homeowner mortgage rate came to 5.28 per cent yesterday, a slight rise from Monday.

Do you have a money story you’d like to share? Get in touch by emailing [email protected].

Mortgage rates are 'rising', according to experts

Based on Moneyfacts’ data, many high street banks and building societies had fixed mortgage rates priced under four per cent. This included Santander, Nationwide, Halifax, HSBC UK and NatWest.

However, as of yesterday, the financial information website revealed only a handful of lenders were offering rates this low, including HSBC UK and Danske.

This comes shortly after Santander confirmed it would be increasing the residential and buy-to-let mortgage rates across its new business and product transfer ranges.

For product transfers, selected residential fixed rates would increase by up to 0.20 percentage points but the lender did not announce any changes to tracker rates.

Homeowners and buyers have been saddled with record high mortgage repayments over the past year due to the Bank of England’s decision to raise the base rate.

Interest rates have gone up to 5.25 per cent in order help mitigate the impact of inflation on the economy.

Analysts are betting on the central bank slashing the base rate in the latter half of 2024 but some are warning the UK’s recession woes could be prolonged if this does not happen fast enough.

Rachel Springall, a spokesperson for Moneyfacts, said: “The swap rate market (which is used by lenders to price their loans) has been notably volatile over the past month, and rises are having an impact on fixed rates.

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“The average two-year fixed mortgage rate appears to be rising more than longer-term rates for now, so it’s possible short-term fixed pricing will remain a key focus for lenders reviewing their margins in the coming weeks.

“As always, its vital borrowers seek (the) advice of a mortgage broker to review their options.”

A Santander spokesperson said: “Santander continually reviews its rates based on a number of factors, such as wider market conditions including swap rates.

“We offer a range of competitive mortgage deals with five-year deals starting from 4.17 per cent and two-year deals starting from 4.53 per cent.”

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Halifax Tracker Mortgage Overview

Halifax Tracker Mortgage Overview

Home » Best Mortgage Lenders UK » Halifax Mortgages Reviewed » Halifax Tracker Mortgage Overview

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Introduction to Halifax Tracker Rate Mortgages

In January 2023, Halifax reintroduced tracker mortgages, their first offering since 2019. These mortgage products cater to home buyers, first-time buyers, and remortgages, underscoring Halifax’s commitment to flexible mortgage lending and solutions.

Overview of tracker rate mortgages and their benefits

Tracker rate mortgages are variable rate loans in which the interest rate tracks the Bank of England base rate with an established margin above or below it, so that if the base rate rises, so will your monthly repayments and interest rates.

How tracker mortgages differ from other mortgage types

Unlike fixed-rate mortgages where the rate of interest remains constant for a set period, trackers offer a variable rate that can change based on external economic factors. This offers both opportunities and risks for borrowers.

Why Choose a Halifax Tracker Rate Mortgage?

Halifax’s tracker rate mortgages are designed with the customer’s best interests in mind, offering competitive rates and flexible terms.

Advantages of opting for a tracker rate mortgage with Halifax

  • Transparency : The rate you pay is directly linked to the Bank of England base rate, so there are no surprises.
  • Flexibility : Potential for lower repayments if the base rate decreases.
  • Overpayment Options : Halifax allows you to make overpayments without incurring extra charges, helping you pay off your mortgage sooner.

Flexibility in terms of overpayments and early repayments

With Halifax, you have the option to make overpayments on your tracker mortgage, allowing you to reduce the overall mortgage term and potentially save on interest.

Get a Personalised Mortgage Interest Rate

Every individual’s financial situation is unique, and Halifax recognises this by offering personalised mortgage rates. Use our mortgage rate tool below to discover your personalised mortgage rate.

To lock in a personalised rate, simply book an appointment with one of our fee free mortgage advisors. They will assess your financial situation, property value, and other factors to provide and secure a rate tailored to you.

What Happens When My Tracker Rate Mortgage Ends with Halifax?

It’s essential to plan for the future and understand what happens once your tracker rate term concludes.

Information on what to expect once the tracker rate term concludes

Once your tracker rate term ends, you’ll typically move to Halifax’s Homeowner Variable rate. However, you can also explore other remortgage options with Halifax or consider another product transfer.

Transitioning to Halifax’s Homeowner Variable rate

The Homeowner Variable rate is Halifax’s standard variable rate. It’s essential to review this rate and compare it with other available options to ensure you continue to get the best deal.

Pros and Cons of a Tracker Rate Mortgage

Tracker rate mortgages, like other financial products, have both benefits and potential challenges.

Advantages:

  • Cost Efficiency : The potential for lower interest rates can lead to reduced monthly repayments.
  • Transparency : The interest rate is directly tied to the Bank of England base rate, ensuring clarity.
  • Flexibility : Halifax allows overpayments, offering borrowers more control over their mortgage term.

Disadvantages:

  • Rate Variability : The interest rate can fluctuate, leading to uncertainty in monthly repayments.
  • Potential Cost Increase : If the rate rises, monthly repayments might increase.
  • Fixed Payment Preference : Tracker mortgages might not be ideal for those who favour consistent monthly repayments.

Working Out Your Monthly Payments

Understanding your monthly mortgage repayments is crucial when considering a mortgage.

Guidance on calculating monthly repayments for a tracker rate mortgage

Halifax provides online tools and calculators that enable users to estimate monthly repayments based on the current base rate, mortgage amount, and term.

Final Thoughts

Selecting a mortgage is a pivotal financial choice. Tracker rate mortgages offer unique benefits, but it’s crucial to weigh these against potential challenges. Always prioritise an informed decision, considering both current financial circumstances and future aspirations.

Our Advisors are Ready to Help

If you have further questions or need expert advice, YesCanDo has a team of mortgage advisors ready to assist. Whether you’re just starting your mortgage journey or considering a switch, they’re here to guide you every step of the way.

Frequently Asked Questions

Navigating the world of mortgages can be complex, but Halifax is here to help answer your questions.

Do Halifax have tracker mortgages?

Yes, Halifax offers tracker mortgages. These mortgages have an interest rate that tracks the Bank of England base rate, meaning the rate can vary over time based on external economic factors.

Is it better to get a tracker mortgage in 2023?

The decision to get a tracker mortgage depends on current market conditions and individual financial situations. If the Bank of England base rate is low and expected to remain stable, it might be an opportune time. However, always consider potential rate fluctuations.

Is it wise to take a tracker mortgage?

A tracker mortgage can be wise for those comfortable with variable rates and potential fluctuations. It offers potential savings when the base rate is low but requires borrowers to be prepared for possible rate increases. If you want stability in your monthly payments or are worried your mortgage lender will increase fixed rates may be a better choice for you.

What is the current tracker mortgage rate?

The specific tracker mortgage rate can vary based on the terms offered by Halifax and market conditions. It's best to consult Halifax directly or check their website for the most up-to-date rates.

Is it worth getting a tracker mortgage at the moment?

The worth of a tracker mortgage depends on individual financial goals and market predictions. If you anticipate a stable or decreasing base rate, a tracker mortgage might offer savings. However, always assess the potential risks and benefits.

Are tracker mortgages going up?

Tracker mortgages fluctuate based on the Bank of England base rate. If the rate goes up, tracker mortgage rates will follow suit. It's essential to stay informed about economic forecasts and rate predictions.

Fee Free Mortgage Advisor Team

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  • Written by Grant Humphries
  • October 24, 2023

Grant Humphries (CeMAP)

Grant Humphries (CeMAP)

Grant Humphries (CeMAP) is a proficient Mortgage & Protection Adviser at YesCanDo Money. With a career spanning since 2001, Grant has honed his expertise in understanding mortgage lenders' criteria, complex financial situations, and the nuances of the mortgage market. His deep knowledge enables him to provide tailored solutions, especially for professionals and those with unique financial profiles. At YesCanDo, Grant's commitment to excellence is evident. He takes pride in guiding clients through their mortgage journey, ensuring they feel confident and informed at every step. From first-time buyers to seasoned investors, Grant's analytical approach and dedication make him a trusted adviser in the financial landscape

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YesCanDo Money is a trading name of Roberts Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority, authorisation number 527815. Your home may be repossessed if you do not keep up repayments on your mortgage.

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Moving home and taking your product rate to a new mortgage

If you’ve decided to move home, you might be able to take your product rate with you to a  mortgage on your new property. This is called ‘porting’.

Things to consider

  • Your current and new mortgage must both be with Halifax
  • If you are borrowing more you will need a new product for the extra amount
  • If you are borrowing less and an early repayment charge applies, you’ll have to pay this on the difference

How can I find out if I can port my product rate?

  • Your Mortgage Offer letter will say if you can do this
  • Call us on 0345 850 3705 to find out if your product rate is portable

What if I start my new mortgage before I repay my existing mortgage?

  • If you want to buy a new property and aren’t selling your existing one straight away, you may be able to have two loans with us for a short time
  • We’ll agree to this if we think you can afford to pay the monthly payments on both loans. We also look at the type of property, how much equity you have and if you have any adverse credit

Can I port my product rate if I’ve sold my house but I’m not quite ready to buy another?

If you’re selling your home before buying a different property, you’ll need to repay your existing mortgage. This means you will have to pay any early repayment charges that apply. However, if you apply for a new mortgage with us soon afterwards you may be able to port your old product rate with you to your new mortgage.

Once your new mortgage has started, you can contact us for a refund of the early repayment charge.  This is a concession and it may not always be available.  Please call us on 0345 850 3705 before you sell your property and we can tell you if this is possible.

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  4. Manage Your Mortgage

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  5. Manage Your Mortgage

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  6. Halifax Isa Transfer Form

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COMMENTS

  1. Manage Your Mortgage

    Home Mortgages Existing customers Switch to a new deal Borrow more Moving home Managing your mortgage Managing your mortgage Need help with your current Halifax mortgage? See the guide below for help on managing your mortgage. You can get an idea of how much you could borrow and compare rates with our mortgage calculator and tools.

  2. Halifax Product Transfer: Existing Mortgage Customers

    A Halifax product transfer is a process where existing customers of Halifax mortgages can switch their current mortgage deal to a new Halifax mortgage product. This can be done before or after your current mortgage deal ends. It's a simple and efficient way to potentially secure a better mortgage rate without the need for conveyancing.

  3. Porting or Transferring a Mortgage

    Porting a mortgage is the process of transferring your current mortgage to another property after you've sold your current home. When porting a mortgage, your current interest rate and...

  4. Halifax • transfer mortgage offer to different property

    nicky73 Posts: 41 Forumite 28 September 2022 at 9:39PM in Mortgages & endowments Hi I had offer on house accepted back in May. Vendor and solicitor very slow and extended offer (with new higher rate) a couple of weeks ago so it's valid until March 2023. After conversions this week it's clear purchase is going nowhere.

  5. Existing Customers

    Switch to a new deal Borrow more Moving home Managing your mortgage Interest-only mortgages Bank Rate Changes Your Halifax mortgage Support for our mortgage customers We've signed up to the government's Mortgage Charter. This means we've agreed to work closely with the government to give mortgage customers the right support.

  6. Best Mortgage Rates Halifax

    The rate varies from zero to 1.5% of the purchase price. The table below lists the deed transfer rates across Nova Scotia as of April 2020 (Sourc e: Government of Nova Scotia ). CMHC Insurance: If your mortgage is an insured mortgage, you'll need to pay for mortgage default insurance.

  7. Halifax remortgaging Made Easy with SwitchRates

    SwitchRates provides the best Halifax mortgage deals saving you hundreds of pounds on your mortgage. 08007569675; [email protected]; Home; How we work; Mortgage Providers. Halifax; Santander; Natwest; ... just a fast mortgage transfer service from lenders including, Halifax, Barclays, Birmingham Midshires, Virgin Money, Metro Bank & more.

  8. The Ultimate Halifax Remortgage Guide

    A remortgage with Halifax typically takes between 4 to 8 weeks from the application date. However, to ensure a smooth process and avoid moving onto a higher Standard Variable Rate, it's recommended to start the remortgage process around 20 weeks before your existing fixed rate ends.

  9. Halifax Mortgages Reviewed

    In this guide: This comprehensive guide will provide you with an in-depth review of one the Best Mortgage Lenders in the UK and part the Lloyds Group. Halifax is a leading mortgage lender offering mortgages to first-time buyers, home movers, landlords, and customers wanting to remortgage.

  10. Product transfers

    Your clients can transfer their current Halifax mortgage to a new Halifax mortgage product, before or after their current mortgage deal ends. Benefits for you: A choice of products for your clients - please check your client's mortgage in Mortgage Enquiry and view the Product Finder

  11. Product Transfers

    2. Produce a Mortgage Illustration. To produce a product transfer mortgage illustration, sign in to Halifax Intermediaries Online and select 'Mortgage Enquiry' or 'Create Product Transfer' - both options will initially navigate to Mortgage Enquiry. Once you have reviewed your clients mortgage information you will be able to begin the ...

  12. Porting a mortgage: can you take a mortgage to a new home?

    Kit Sproson Updated 5 December 2023 If you're moving home you face the question of whether to take your existing mortgage with you or get a brand new deal - but the choice may not always be yours. This guide explains the process of porting a mortgage, whether you're likely to be able to do it and if it's the right option for you.

  13. Halifax Product Transfers & Renewals

    Halifax Product Transfers & Renewals - Existing Customers Only Halifax mortgage renewal rates under 60% loan to value Typical rates as of February 9, 2024 Halifax Product Transfer rates changed on sub 60% 2 year fixes 6th February, call our Team immediately on 0208 979 9684 to discuss your situation.

  14. Halifax in shock mortgage rate cut after most lenders cut prices

    Best balance transfer credit cards. Best business credit cards ... The average five-year fixed residential mortgage rate today is 5.30%. Today, Halifax's parent company Lloyds Banking Group ...

  15. Transfer a mortgage to another person

    Excellent Last updated on 12th July 2023 by Martin Alexander Circumstances in life often change, and when a mortgage or property is concerned, it may involve having to transfer a mortgage. Transferring a mortgage can include adding, removing or replacing a person on a mortgage.

  16. Halifax 5 Year Fixed Rate Mortgage Overview

    As a leading UK mortgage provider and part of Lloyds Banking Group, Halifax Mortgages offers products tailored to diverse homeowner needs. This guide examines their 5-year fixed-rate mortgage. With fluctuating rates, it provides stability for the first 5 years. We'll outline how the rate determines monthly mortgage repayments.

  17. Payments and transfers

    Home Everyday banking Payments Limits Timescales Pay someone new Pay someone again Pay in a cheque Cancel Direct Debit Payments Pay up to £25,000 in total online every day in the UK. Daily payments limits Timings One off payments Pay someone new Pay someone again Transfer between your accounts Pay a very large amount by CHAPS Regular payments

  18. Moving Home

    Moving home Remortgaging to us Buy to Let Moving home mortgages Running out of room? Thinking of downsizing? Wherever your next move takes you, we've got the right mortgage for your plans. Mortgage calculator

  19. Navigating Mortgage Transfers: What It Means for You

    The transfer process between mortgage servicers is designed to be almost effortless and painless to homeowners like you. If you receive notification that your mortgage has been transferred, read the welcome documents carefully and follow the step-by-step instructions. Or if you have questions, contact your new mortgage servicer for help.

  20. Halifax Mortgage

    Halifax Mortgage - Transfer of Equity supasaver78 Posts: 21 Forumite 28 November 2010 at 11:22PM edited 28 November 2010 at 11:31PM Hi my Halifax mortgage is in joint names with ex, he has agreed to be removed and let me have the house. Halifax have also agreed to let me have the house in my sole name (lump has to be paid to bring LTV down to 95%).

  21. Santander, Nationwide, Halifax, NatWest customers told 'review ...

    According to Moneyfacts' data, at the start of February, several major lenders had fixed mortgage rates priced below 4%, including Santander, Nationwide, Halifax, HSBC UK and NatWest.

  22. Halifax 2 Year Fixed Rate Mortgage Overview

    The 2-year fixed rate mortgage from Halifax is laden with features designed for flexibility and convenience: Interest Rates: Competitive rates ensure affordable repayments and great value for money. LTV Options: A range of loan-to-value ratios catering to different deposit sizes and mortgage terms, providing options for both large and small ...

  23. Mortgage News: Santander Rate Hike Leaves HSBC As Only Sub-4% ...

    A number of other lenders have made changes to their mortgage ranges: Halifax has launched a range of three-year fixed rate deals for residential remortgage, available through brokers from ...

  24. Tracker Rates

    1. What is a tracker mortgage? 2. Can I overpay or repay my tracker mortgage? 3. What is a remortgage and how does it work? 4. Why should I remortgage? 5. What costs are involved in remortgaging? 6. What basic legal fees will you cover?

  25. Mortgage alert as interest rates 'rising' amid 'volatility' in property

    Based on Moneyfacts' data, many high street banks and building societies had fixed mortgage rates priced under four per cent. This included Santander, Nationwide, Halifax, HSBC UK and NatWest. However, as of yesterday, the financial information website revealed only a handful of lenders were offering rates this low, including HSBC UK and Danske.

  26. Halifax Tracker Mortgage Overview

    Halifax Tracker Mortgage Overview. Halifax, one of the UK's leading mortgage lenders, offers a range of mortgage options tailored to the diverse needs of its customers. Among these is the Halifax Tracker Mortgage, also known as a Tracker Rate Mortgage, a flexible and dynamic mortgage option. Contact a FEE FREE Advisor.

  27. Porting

    Borrow more Moving home Managing your mortgage Moving home and taking your product rate to a new mortgage If you've decided to move home, you might be able to take your product rate with you to a mortgage on your new property. This is called 'porting'. Things to consider Your current and new mortgage must both be with Halifax