In a move that’s sure to make waves in the housing market, Halifax is shaking things up with some exciting changes to its product range. Effective from Thursday the 1st of February 2024, the following modifications are set to give homebuyers and homeowners more flexibility and affordability. Here is a breakdown of the product update communication that was sent to brokers at Oportfolio Mortgages this afternoon.
Rate Reductions For Homebuyers
If you’re dreaming of your first home, eyeing a shiny new build, tackling a large loan, or considering affordable housing through shared equity/shared ownership or green home options, Halifax has good news. The end dates for these products are getting a 3-month extension, giving you more time to seize the opportunity. Additionally, the complete dates are being pushed back by 1 month, offering a bit more breathing room.
For Remortgage Borrowers
Halifax is spreading the love to those looking to remortgage as well. The end dates for remortgage products, including large loans, affordable housing options, and green home products, are all getting a 3-month extension. Complete dates are also getting a 1-month extension for that added peace of mind. But that’s not all – selected 2, 3, and 5-year fixed-rate products are seeing reductions of up to 0.53%, making the prospect of remortgaging even sweeter. If you’re eyeing a big change, you’ll be pleased to know that the maximum loan has been increased from £1,000,000 to £2,000,000 on selected fixed and tracker remortgage products. As brokers based in London, this offering should be of particular interest to our clients.
For Those Looking to Transfer or Advance
If you’re considering a product transfer or a further advance, Halifax has good news for you too. The end dates for these products are getting a 3-month extension, with complete dates getting an extra month. And to sweeten the deal even more, 2 and 5-year fixed-rate products are being reduced by up to 0.46%.
Speak To a Mortgage Broker in 2024
These changes come as Halifax Intermediaries aims to provide more flexibility and support to both homebuyers and homeowners. So, whether you’re stepping onto the property ladder for the first time, looking to remortgage for a better deal, or exploring options for product transfers and further advances, Halifax has your back with these exciting updates. Keep an eye out for these changes starting in February, and get ready to embark on your homeownership journey with a little extra spring in your step! If you or anyone you know is in need of mortgage advice, then please feel free to either give our team a call or drop us an email today. We are here to help and our initial mortgage consolations are completely free of charge.