Halifax Mortgages

From LoveToKnow Mortgage

Halifax Mortgages is a division of the Bank of Scotland. This lender offers mortgage loans and refinancing within the United Kingdom as well as offering several other financial products beyond mortgage loans.

UK Townhouse

First Time Homebuyers

Halifax Mortgages offers special programs designed for first time homebuyers. In addition to offering helpful educational tools and resources especially for people looking into buying their first home, Halifax also offers special perks including:

  • A refund of the portion of the inspection fee
  • Waiving of certain fees associated with the mortgage
  • A cash back bonus upon the closing of the loan

The incentives applicants receive depends on the interest rate chosen. The higher the interest rate an applicant accepts, the more incentives available. Applicants must choose whether it's to their benefit to have a lower interest rate for the life of the loan or if they would rather receive fee waivers and other incentives at closing.

Buying a Home

Halifax Mortgages offers both fixed rate and variable rate mortgages. This lender does not offer any mortgages that remain at a fixed rate for the entire life of the loan, but instead offer a variety of options for keeping the interest rate fixed for a certain period of time until the rate becomes variable. Halifax also offers mortgages that are continually variable.

Refinancing

Halifax Mortgages allows both existing Halifax customers and people with loans from other lenders to apply for refinancing. This pays off any previous mortgages and creates a new loan, preferably with a lower interest rate or better terms.

Here is a list of some of the mortgage refinance products available to qualified applicants:

  • Fixed rate refinance mortgages through Halifax are only fixed rate for a certain period of time and then become variable rates. They also offer a fixed rate product that is called a stepped fix rate, which American lenders sometimes call a ladder. This means the interest rate is fixed, but steps up at pre-set intervals to a predetermined time. Fixed rate refinances are available with the following terms:
    • 18 month fixed rate
    • 3 year fixed rate
    • 5 year fixed rate
    • 10 year fixed rate
  • Tracker rate mortgages are similar to U.S. adjustable rate mortgages (ARMs). The interest rate is a low variable rate for a certain pre-set amount of time and then the interest rate adjusts to the standard Halifax variable rate. Tracker rate mortgages may include a costly prepayment penalty if paid off prior to the amortized term. For home buyers, 18 month tracker rate mortgages are available. Additionally, 3 and 5 year tracker rate mortgages are available to applicants who have mortgages through other lenders that they wish to refinance. These loans are available with a cash back option.

Investment Properties

Investment properties that are purchased with the intention of renting out are called Buy to Let mortgages through Halifax. This company offers mortgage loans to purchase these properties as well as to refinance existing investment mortgages.

Apply with Halifax Mortgages

Applying for a mortgage with Halifax is relatively simple. Applicants must reside within the United Kingdom, and the interest rate offered on approved mortgages depends highly on the creditworthiness of the applicant.

Apply online, over the phone, or at a local branch.

Online Services for Existing Halifax Mortgages Customers

The Halifax website offers an impressive amount of resources for existing mortgage holders.

  • Review account information
  • Request customer assistance
  • Request a skip payment
  • Access other financial offerings through Halifax
  • Peruse debt management information
  • Apply for homeowners insurance

Halifax also has local branches in some locations as well as customer service representatives available over the telephone for customers who need access to information but do not want to use the Internet.

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