If your rate is about to expire and you’re looking to stay with Halifax, here’s the information you need. Halifax Product Transfers are designed to make switching to a new deal straightforward for existing customers. Whether you’re seeking stability with a fixed rate or flexibility with a tracker option, Halifax provides tailored solutions to fit your needs.
Key Points About Halifax Product Transfers
•You can choose from various mortgage offers that are personalized based on factors such as your credit profile, account usage, and sometimes the energy efficiency of your property.
•Halifax makes product transfers hassle-free by ensuring there are no initial costs or legal fees involved.
•You can secure a new product up to four months before your current deal expires. The new product will begin as soon as the existing deal ends. If your application is made within the last three months of your current deal, you can:
•Start the new product on the 1st of the following month without incurring an Early Repayment Charge from Halifax.
•Alternatively, schedule the new product to begin right after your current deal ends.
•Halifax Product Transfers give you a variety of rate choices, including short-term and long-term deals, offering flexibility to suit your financial plans.
•Product fees are optional. If you choose a rate with a fee, you can either pay it upfront or add it to your mortgage balance for convenience.
Check Out Our New Rate Switch Reward Calculator
Halifax Rates for Product Transfers
Halifax typically offers competitive fixed-rate deals of 2 or 5 years for existing customers, alongside 2-year tracker mortgages. While these options are slightly more limited than those available to new customers, they are still designed to meet a wide range of needs. Halifax Product Transfers ensure you can secure a rate that aligns with your goals without the hassle of switching lenders.
How Long Will the Product Transfer Take?
The product transfer process is usually quick and efficient. After applying, Halifax often provides mortgage offers immediately, allowing you to start your new rate either next month or on the expiration date of your current deal. However, if you are borrowing more, adjusting your terms, or switching to interest-only, additional checks and underwriting may take a bit longer.
Can I Borrow Extra Money During a Halifax Product Transfer?
Yes, Halifax may allow you to borrow up to 85% of your property’s value, depending on your financial situation and eligibility. Typically, Halifax lends around 4.5 to 5 times your income, though high earners may qualify for up to 5.5 times their income. This added flexibility makes Halifax Product Transfers an attractive option for those looking to borrow more while retaining the benefits of staying with their current lender.
Benefits of Staying with Halifax for Your Product Transfer
•The process is faster and easier than remortgaging with a new lender.
•You can complete the transfer in as little as 15 minutes.
•Halifax does not require credit checks, income checks, or valuation fees.
•Secure a favorable rate up to four months before your current deal ends.
•As long as your mortgage is up to date, bad credit or missed payments won’t affect your ability to switch.
Halifax Product Transfer Process
1.Gather Your Information
Ensure you have key details, like your mortgage account number, which typically starts with “10.” You’ll find this on letters or statements Halifax has sent you.
2.Receive Personalized Quotes
Once we access your account, we’ll quickly provide several quotes for you to review. These will outline your options for your Halifax Product Transfer.
3.Review and Choose Your Options
Take the time to compare the available interest rates, terms, and features of each product. If you’re unsure which option is best, we’re here to provide guidance and help you make an informed choice.
How Can Rate Switch Rewards Help with Halifax Product Transfers?
At Rate Switch Rewards, we evaluate all your options, including Halifax Product Transfers and other competitive deals available on the market. Our team is here to assist you with the application process, handle the necessary paperwork, and ensure you find a mortgage option that works best for your circumstances.
We’re committed to making the process of switching rates simple, efficient, and tailored to your financial needs. If you’re ready to explore your options, feel free to reach out, and we’ll guide you every step of the way.
