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Halifax

Halifax is part of the HBOS plc along with the Bank of Scotland and is the fifth largest Bank in UK

. It understands that buying a home is one of the most complicated and stressful things you can do.

As such they offer a useful guide to buying a home including how to create a realistic budget, view appropriate properties and prepare for the actual move.

Halifax mortgages fall into three main categories:

  • Flexible mortgages
  • Fixed rate mortgages
  • Tracker rate mortgages

Halifax Mortgage Products
   

A Halifax flexible rate mortgage gives you the choice of changing how you make your payments to suit you and your circumstances. This product offers three main advantages:

You can choose to repay your mortgage early by increasing your monthly payments – this in turn could lower the amount of money you pay in interest

You can borrow money quickly and easily – this would be charged at the same rate of interest as your mortgage

You can even reduce your payments or take a payment holiday – you can’t always tell what ups and downs life will bring so having the option to free up extra cash when you need it may suit your needs.

A Halifax fixed rate mortgage is more secure. The interest rate you pay stays the same and you will know exactly how much you will pay per month throughout your fixed rate term. This is less risky than the flexible rate mortgage but it does mean you pay a fixed amount.

A fixed rate may not suit you if you don’t want to pay an early repayment charge. Additionally you will not be able to take advantage if interest rates go down.

Halifax tracker rate mortgages are linked to the Bank of England base rate – Halifax will charge you an amount above this rate. The amount you will pay will vary according to the movement of the base rate – please check with Halifax for more details.

A tracker rate mortgage would mean you would benefit if interest rates are reduced. If you want to be able to change you mortgages payments to adapt with your situation then a flexible mortgage would suit you. However if you want a more secure mortgage you should opt for a fixed rate mortgage.
Current Halifax Mortgage Offers

All copyright and trademarks are respected and the property of the company described herein. Mortgages.co.uk and Financial Services Net Ltd is not connected with, nor represents, the company described in this directory.

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