Halifax Mortgage Rates Overview
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Halifax Current Mortgage Rates
Interest rates are the bedrock of a mortgage. They play an instrumental role in determining the overall cost of borrowing over time and huge effect on costs associated with mortgage borrowing. Halifax mortgage rates, widely considered highly competitive, are determined by internal policies, external market conditions, and economic indicators.
Being updated with Halifax’ mortgages existing fixed and tracker rates as well as variable rates is of paramount importance. These rates, subject to fluctuations based on various economic and market factors, can significantly impact your monthly mortgage repayments.
Factors Influencing Current Rates:
- Bank of England’s base rate
- Inflation rates
- Economic forecasts
- Global economic conditions
The current Halifax standard variable rate is 8.74% (If you’re on this rate get in touch with us today to secure a lower rate!)
Below is a table for the current best Halifax mortgage rates in February 2024:
| Lender | Type | Initial Rate | Initial Payment | Reverting Rate | Reverting Payment | Total Fees | APRC | Total Cost |
|---|---|---|---|---|---|---|---|---|
| Halifax | 2 Year Fixed | 4.79% | £1,144.84 | 8.24% | £1,542.85 | £1,525 | 7.8% | £30,436 |
| Halifax | 2 Year Fixed | 4.87% | £1,152.92 | 8.74% | £1,604.29 | £1,099 | 8.1% | £30,433 |
| Halifax | 2 Year Fixed | 4.93% | £1,159.87 | 8.74% | £1,606.33 | £100 | 8.1% | £29,602 |
| Halifax | 3 Year Fixed | 4.35% | £1,093.65 | 8.74% | £1,540.95 | £1,099 | 7.0% | £40,470 |
| Halifax | 5 Year Fixed | 4.35% | £1,093.65 | 8.74% | £1,540.95 | £1,099 | 7.0% | £66,718 |
| Halifax | 5 Year Fixed | 4.46% | £1,106.05 | 8.74% | £1,543.99 | £100 | 7.0% | £67,969 |
Find the best Halifax Mortgage Rates using our tool, alternatively if your looking for specific mortgage rates visit the pages below.
Mortgage Rates Comparison Tool
Why settle for one lender’s mortgage interest rates when you can get a personalised one? Our advanced tool allows you to access tailored rates based on your unique circumstances. We scan offerings from over 90+ lenders, ensuring you get a rate that’s perfect for you.
Benefits of Using Our Tool:
- Comprehensive market scan
- Personalised rate recommendations
- Access to exclusive deals
- Fee-free advice from experts
- A TREE PLANTED FOR EVERY MORTGAGE
Halifax First Time Buyer Mortgage Rates
Halifax offers a variety of fixed and tracker rates specifically designed for first-time buyers, aimed at making the home-buying process more accessible and affordable. These mortgage options consider the unique position of first-time buyers, providing features like lower deposit requirements and potential access to government schemes. Whether you’re looking for fixed-rate security or the flexibility of a tracker mortgage, Halifax has options to help you take your first step onto the property ladder.
- Tailored Options: Mortgages designed with first-time buyers in mind.
- Lower Deposit Requirements: More accessible entry points for new homeowners.
- Access to Government Schemes: Support for buyers through Help to Buy and other initiatives.
- Range of Products: From fixed to tracker rates, catering to different preferences and financial situations.
| Lender | Term | Initial Rate | Initial Payment | Reverting Rate | Reverting Payment | Total Fees | Type | APRC | Total Cost |
|---|---|---|---|---|---|---|---|---|---|
| Halifax | 2 Year | 5.41% | £1,333.96 | 8.74% | £1,837.30 | £100 | Fixed | 8.3% | £34,173 |
| Halifax | 2 Year | 5.41% | £1,333.96 | 8.74% | £1,836.22 | £100 | Fixed | 8.3% | £34,173 |
| Halifax | 2 Year | 5.15% | £1,295.69 | 8.74% | £1,834.46 | £1,099 | Fixed | 8.3% | £34,251 |
| Halifax | 2 Year | 5.15% | £1,295.69 | 8.74% | £1,833.28 | £1,099 | Fixed | 8.3% | £34,251 |
| Halifax | 3 Year | 4.72% | £1,233.56 | 8.74% | £1,812.93 | £0 | Fixed | 7.8% | £46,367 |
| Halifax | 5 Year | 5.03% | £1,278.20 | 8.74% | £1,786.83 | £100 | Fixed | 7.4% | £78,724 |
| Halifax | 5 Year | 4.92% | £1,262.27 | 8.74% | £1,783.88 | £1,099 | Fixed | 7.4% | £78,764 |
| Halifax | 5 Year | 5.23% | £1,307.41 | 8.74% | £1,790.84 | £100 | Fixed | 7.5% | £80,483 |
| Halifax | 5 Year | 5.12% | £1,291.30 | 8.74% | £1,787.91 | £1,099 | Fixed | 7.5% | £80,512 |
Halifax Mortgage Rates for Existing Customers
Being an existing customer of Halifax mortgages comes with its perks. Beyond the trust and rapport built over time, these customers often find themselves at an advantage when it comes to rates of interest. They might be eligible for special rates, which can offer significant savings over the term of the loan. Such rates are not just about numbers; they’re a testament to Halifax’s commitment to rewarding trust and long-standing relationships.
Did you know that when you remortgage with your existing lender, you can switch products seamlessly? This streamlined process, known as a Halifax Product Transfer, allows you to change from your current deal to a new mortgage deal without a full affordability check, making it quicker and easier than starting anew with a different lender.
Below are the best Halifax rates for existing customers as of 20th February 2024, rates will very, get in touch to secure your best rate.
| LTV | Type | Rate | Until | Fee | LTV |
|---|---|---|---|---|---|
| Under 90% | 2 year Fixed | 5.88% | 30/04/26 | £0 | 90% |
| Under 90% | 2 year Fixed | 5.57% | 30/04/26 | £999 | 90% |
| Under 90% | 5 year Fixed | 5.27% | 30/04/29 | £0 | 90% |
| Under 90% | 5 year Fixed | 5.14% | 30/04/29 | £999 | 90% |
| Under 80% | 2 year Fixed | 5.51% | 30/04/26 | £0 | 80% |
| Under 80% | 2 year Fixed | 5.20% | 30/04/26 | £999 | 80% |
| Under 80% | 5 year Fixed | 5.13% | 30/04/29 | £0 | 80% |
| Under 80% | 5 year Fixed | 5.00% | 30/04/29 | £999 | 80% |
| Under 80% | 2 year Tracker | 5.97% | 30/04/26 | £0 | 80% |
| Under 60% | 2 year Fixed | 4.83% | 30/04/26 | £0 | 60% |
| Under 60% | 2 year Fixed | 4.52% | 30/04/26 | £999 | 60% |
| Under 60% | 5 year Fixed | 4.57% | 30/04/29 | £0 | 60% |
| Under 60% | 5 year Fixed | 4.44% | 30/04/29 | £999 | 60% |
| Under 60% | 2 year Tracker | 5.79% | 30/04/26 | £0 | 60% |
Important Information About Halifax Mortgage Product Transfers
Early Repayment Charges (ERCs)
| Product | Term Period | Charges | End Date |
|---|---|---|---|
| 2 Year Fixed | 1 | 2% until 30/04/2025 | 30/04/2026 |
| 2 | 1% until 30/04/2026 | ||
| 5 Year Fixed | 1 | 5% until 30/04/2025 | 30/04/2029 |
| 2 | 4% until 30/04/2026 | ||
| 3 | 3% until 30/04/2027 | ||
| 4 | 2% until 30/04/2028 | ||
| 5 | 1% until 30/04/2029 | ||
| 2 Year Tracker | 1 | 1% until 30/04/2025 | 30/04/2026 |
| 2 | 0.5% until 30/04/2026 |
Halifax Lending Bands
| Lending Bands | Loan-to-Value Bands | Product Transfer Rates |
|---|---|---|
| £0 to £99,999 | Up to 60% | Varies based on individual circumstances |
| £99,000 to £249,999 | Up to 75% | Varies based on individual circumstances |
| £250,000 to £7,500,000 | Up to 85% | Varies based on individual circumstances |
| Up to 95%* | Designed for clients close to or drifting into negative equity | |
| Up to 120%** | Not available for new borrowers |
Overpayment Allowances
Halifax permits up to 10% of the outstanding mortgage balance to be overpaid annually without incurring ERCs, offering flexibility for managing mortgage debt effectively.
When Can I Lock In a New Product Transfer Rate?
| Your current rate ends | New rate can be secured from | New Rate can start |
|---|---|---|
| 31st January | 1st August | 1st February |
| 29th February | 1st September | 1st March |
| 31st March | 1st October | 1st April |
| 30th April | 1st November | 1st May |
| 31st May | 1st December | 1st June |
| 30th June | 1st January | 1st July |
| 31st July | 1st February | 1st August |
| 31st August | 1st March | 1st September |
| 30th September | 1st April | 1st October |
| 31st October | 1st May | 1st November |
| 30th November | 1st June | 1st December |
| 31st December | 1st July | 1st January |
Additional Borrowing Options
Halifax accommodates additional borrowing for various needs, emphasising competitive rates and streamlined processing:
- Home Improvements
- Extension
- Land Purchase
- Lease Extension
- Family Gifts
- Equity Increase in Shared Ownership
- Co-owner Buyout
- Debt Consolidation
- Investment in Additional Properties
Should I Pay a Product Fee For a Lower Interest Rate?
Most lenders offer mortgages with product fees and some without. Opting for a product with a fee can result in substantial interest rate savings, exemplified below:
- Scenario: If you’re borrowing £250,000 with a product fee of £1,499 and the interest rate difference between fee-inclusive and fee-exempt products is 0.25%, over five years, this equates to a saving of 0.25% per annum.
- Savings Calculation: Annually, 0.25% of £250,000 amounts to £625, summing up to £3,125 over five years, thus significantly outweighing the initial fee of £1,499.
Halifax Buy to Let Mortgage Rates
For individuals venturing into property investment, Halifax’s Buy to Let mortgage rates are specifically designed, taking into account potential rental income and the unique challenges property investors face.
- Tailored for Investors: Designed with property investment in mind.
- Rental Income Considered: Factors in potential rental earnings.
- Investment Support: Addresses the specific needs of property investors.
| Term | Rate | Initial Payment | Reverting Rate | Reverting Payment | Fee | Type | APRC | Total Cost |
|---|---|---|---|---|---|---|---|---|
| 2 Year Fixed | 5.18% | £1,040.41 | 9.59% | £1,502.98 | £100 | Fixed | 8.9% | £26,748 |
| 5 Year Fixed | 4.48% | £969.77 | 9.59% | £1,434.89 | £100 | Fixed | 7.5% | £59,823 |
Why It’s Always Worth It to Shop Around All Mortgage Lenders
While Halifax offers attractive rates for its existing customers, the mortgage landscape is vast and dynamic. Looking beyond Halifax’s rates to what other lenders offer can provide significant benefits. Here’s why:
- Wide Range of Options: Different mortgage lenders have unique rates, special offers, or packages that may suit your needs better.
- Chance to Save Money: By comparing offers, you ensure you’re getting a new deal that could lead to savings over the life of your mortgage.
- Stay Ahead of Changes: The economy and lending standards are always shifting. Keeping up with these changes ensures you’re always on the best possible deal.
- Smart Financial Management: Regularly reviewing your mortgage and considering other options is a smart way to manage your finances, ensuring you always make the most of your mortgage.
Calculating Your New Monthly Payments
Understanding the impact of switching mortgage interest rate can be essential in financial planning and ensuring affordability. Whether considering Halifax as your lender of choice or other options available elsewhere, calculating your prospective monthly payment provides valuable insight into how your commitments may change with any potential product switch or loan refinancing option. This calculation takes into account factors like interest rate change, loan amount, and remaining mortgage term to provide a comprehensive picture of future payments.
Halifax customers and other mortgage borrowers pursuing product transfers or refinancing should know the importance of having an accurate estimate of their new monthly payment when considering different mortgage products and making informed decisions that fit within their financial goals and capabilities.
To ease this process, we have developed a suite of mortgage calculators designed to give accurate estimates of monthly mortgage payments. These user-friendly tools cover a range of borrowing scenarios so you can find the ideal loan product.
Mortgage Repayment Calculator
By using our mortgage calculators, you can easily determine the financial implications of different mortgage rates and terms; giving you confidence to make decisions with confidence.
Frequently Asked Questions
What are the Halifax mortgage rates now?
Halifax rates of interest vary based on several factors, including the type of mortgage, loan duration, and market conditions. It's best to visit Halifax's official website or contact a mortgage broker for the most up-to-date rates.
What is the Halifax 2 year fixed rate mortgage?
The Halifax 2 year fixed rate mortgage offers borrowers a consistent interest rate for a two-year period. This means your monthly repayments will remain the same for those two years, regardless of changes in the Bank of England's base rate or other market fluctuations.
What is the Halifax 5 year interest rate?
The Halifax 5 year interest rate refers to the fixed interest rate offered on mortgages with a five-year term. This rate remains unchanged for five years, providing borrowers with stability in their monthly repayments and protection against potential market rate increases.
What interest rates are Halifax offering?
Halifax offers a range of rates depending on the mortgage product, loan-to-value ratio, and the borrower's circumstances. Rates can be fixed, variable, or tracker. For the most accurate and current fixed, tracker, and variable rate mortgages, it's advisable to check Halifax's official website or consult with a mortgage advisor.
Why are Halifax mortgage rates so high?
Perceived high rates from Halifax can be due to various reasons, including market conditions, the bank's internal policies, or economic factors. Additionally, rates might appear higher when compared to promotional or introductory rates from another mortgage provider. It's essential to consider the overall mortgage package, including fees, terms, and other benefits.
Are Halifax going to drop mortgage rates?
Predicting future mortgage rate movements can be challenging. Rate changes are influenced by various factors, including the Bank of England's base rate, economic conditions, and Halifax's internal strategies. For insights on potential rate changes, it's best to monitor financial news or consult industry experts.
How a Mortgage Broker Can Secure You the Best Rate
While Halifax is renowned for its competitive rates and diverse offerings in the UK mortgage market, it’s crucial to explore the wider landscape to ensure you’re getting the best deal for your specific needs. This exploration is where the expertise of a mortgage broker, like YesCanDo Money, becomes invaluable. Here are the key benefits of partnering with a mortgage broker:
- Comprehensive Market Overview: YesCanDo Money provides access to over 90 UK lenders and an impressive selection of 14,000 mortgage products, far beyond what any single lender can offer.
- Tailored Financial Solutions: Our service is not just about finding a mortgage; it’s about crafting a financial solution that perfectly aligns with your personal and financial aspirations.
- Expert Guidance: Navigating the vast mortgage landscape can be daunting. YesCanDo Money offers fee-free advice, guiding you through the process to ensure you find the ideal mortgage product that meets your needs.
- Efficiency and Convenience: With expertise and access to advanced tools, YesCanDo Money can swiftly identify the best rates and deals, simplifying the mortgage process for you.
- Personalised Support: Every borrower’s situation is unique. YesCanDo Money takes the time to understand your circumstances, providing personalised advice that respects your goals and financial situation.
By choosing to work with YesCanDo Money, you’re not just securing a mortgage; you’re ensuring that your mortgage is the best fit for your current situation and future goals. Reach out to us, and let’s make your dream home a reality with the ideal mortgage solution.
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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
