£1,000 Cash back on Halifax Remortgage
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£1,000 Cash back on Halifax Remortgage

25
Expires on 03/11/2019Posted 2nd Oct
Halifax are currently offering £1,000 on all residential remortgages if you apply before 3rd November.

I was in Warrington branch today and the staff were talking about it to me...they didn’t initially know I’d already remortgaged to them 3 years ago when a similar offer was on!

Whilst their rates for remortgaging aren’t the best, the beauty with this deal is that they cash back is a fixed amount (£1,000) rather than a % which means if you have a small mortgage then this deal could be a real winner! Minimum remortgage amount is £25k

Apparently the branch advertising is incorrect as it’s showing £500 but they explained it was recently decided it would be doubled after the advertising had been printed!

Their website has been updated with a link to all the T&Cs.

Most remortgages are totally free in that they cover any valuation and legal fees.

Clarity- It’s for people with a mortgage elsewhere who are switching TO Halifax

Application needs be in by 3rd November.
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This is misleading rates are terrible below is 65% ltv. Always do your research.
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It seems OP has designed this deal to look good as you’d expect halifax to be competitive but the £1,000 would disappear in months in higher interest payments. Disingenuous at best outright misleading at worse.

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25 Comments
Just want to be clear that as per the full description the main “deal” in this is for those with a relatively small mortgage...the fixed £1000 makes it potentially very attractive.
Did this cover Halifax - Halifax remortgage or does it have to be someone moving their mortgage to halifax?
stevemack02/10/2019 22:11

Did this cover Halifax - Halifax remortgage or does it have to be someone …Did this cover Halifax - Halifax remortgage or does it have to be someone moving their mortgage to halifax?


I’ll update the description. It’s for people with a mortgage elsewhere switching it to halifax
Minimum £25k
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This is pretty awful to be honest

Based on 3.44% 5 year fix a £25k interest only mortgage would costs £860 interest pa less £200 = £660

In comparison I’ve just taken out a 5 year fee free fix @ 1.95% with £500 cashback (natwest Broker only deal via L&C) so £487.50 less £100 cashback pa = £387.50 interest cost

This is ridiculously expensive @ £272.50 Pa more expensive or £1362.50 over term on only £25k



I’ve also just taken out a fee free 5y b2L mortgage @ 2.09% with £250 cashback
Edited by: "dodgymix" 2nd Oct
dodgymix02/10/2019 22:45

This is pretty awful to be honestBased on 3.44% 5 year fix a £25k interest …This is pretty awful to be honestBased on 3.44% 5 year fix a £25k interest only mortgage would costs £860 interest pa less £200 = £660 In comparison I’ve just taken out a 5 year fee free fix @ 1.95% with £500 cashback (natwest Broker only deal via L&C) so £487.50 less £100 cashback pa = £387.50 interest costThis is ridiculously expensive @ £272.50 Pa more expensive or £1362.50 over term on only £25kI’ve also just taken out a fee free 5y b2L mortgage @ 2.09% with £250 cashback


Good analysis. Not for everyone I guess might be worth looking at a lower fixed term for those who want it.
gallopingbanker02/10/2019 22:49

Thanks! Just edited.


Personally I’d delete the deal.. anyone who takes this out will seriously lose money over the term so that £1000 cashback is seriously not worth it
dodgymix02/10/2019 22:52

Personally I’d delete the deal.. anyone who takes this out will seriously l …Personally I’d delete the deal.. anyone who takes this out will seriously lose money over the term so that £1000 cashback is seriously not worth it


I don’t think we should be censoring the site...I guess the temperature of the deal and the comments will be a sufficient guide to those making a decision.
gallopingbanker02/10/2019 22:50

Good analysis. Not for everyone I guess might be worth looking at a lower …Good analysis. Not for everyone I guess might be worth looking at a lower fixed term for those who want it.


2 year deals are 2.94% fix at best.. I believe markets about 1.75% presently so it’s still well over odds
dodgymix02/10/2019 22:58

2 year deals are 2.94% fix at best.. I believe markets about 1.75% …2 year deals are 2.94% fix at best.. I believe markets about 1.75% presently so it’s still well over odds


...So 2 year deal with £1000 cash back on a small (£25k) mortgage would still beat a lower rate.
gallopingbanker02/10/2019 23:03

...So 2 year deal with £1000 cash back on a small (£25k) mortgage would s …...So 2 year deal with £1000 cash back on a small (£25k) mortgage would still beat a lower rate.


£297.50 more expensive before cashback PA so if you found a deal @ 1.75% with £500 cashback this would still be more expensive over term by £95
dodgymix02/10/2019 23:11

£297.50 more expensive before cashback PA so if you found a deal @ 1.75% …£297.50 more expensive before cashback PA so if you found a deal @ 1.75% with £500 cashback this would still be more expensive over term by £95


If you can get that deal then agree that would be good too...beauty with this one is that you can just walk in a get it from a high street bank. Also £1000 should land in time for Christmas which may help out a lot of people having that land in their account before Santa sends his invoice!
We did this when it was on a few years ago. They didn't have the £25k minimum then sob worked out great for us as the market leading rates at the time were only a couple of hundred quid cheaper over the term in interest. Watch out though people as their "fee free" mortgage at the time was still subject to a "standard MAF" or mortgage arrangement fee. From memory this was around £200! We argued that information was missing from the website and that the person I first spoke with on the phone failed to volunteer that info when questioned on any fees. We ended up getting the money back as redress for a complaint raised by their mortgage staff in branch. Only after arguing with them and watching them flap around trying to find details of the fee on their own website haha!
Rates are Stan King
dodgymix02/10/2019 22:58

2 year deals are 2.94% fix at best.. I believe markets about 1.75% …2 year deals are 2.94% fix at best.. I believe markets about 1.75% presently so it’s still well over odds


We've been mortgage hunting the last week. HSBC currently offer:
2yr fix 1.29%.
3yr fix 1.49%,
5yr fix ?1.89% (I wasnt looking at this one specifically so cant remember exactly)

Thats all based on 75% LTV

So this is so blindingly awful it's shocking.

I mean if you are going to pay 2%+ (which nobody should be at present unless 10yr fix!) you can have the Coventry building society mortgage fixed for 5 years yet with no ERC at about 2.05%
Do the maths but the rates are not good at all
I’ve just got 5 year fix just below 2%.

Halifax are scum I was with them for 7 years mortgage and they shafted me big time

Wouldn’t let change my mortgage to lower rate and pay £100 less PM as they said I couldn’t afford it !!

But I could afford to pay £100 more ! Absolute joke so I left them
What about Tesco customers being transferred to Halifax?
dole03/10/2019 16:48

What about Tesco customers being transferred to Halifax?


Think that process is automatically happening although if you haven’t yet been notified by Tesco then yes, you could remortgage yourself and get the £1000 if you are quick.
humadoon03/10/2019 09:10

Do the maths but the rates are not good at all


Rates are really terrible. Doesn't make sense even for a loan amount of 30k
What a terrible rate. How did this get hot?
Halifax rates are currently awful. As in, absolutely disgraceful. I'll be switching away from them at the end of the year
Just checked and got a call back from Halifax this afternoon as they don’t display their interest rate online.

Really rubbish deal.
For LTV under 60% and remortgaging for £200,000, their interest rate is:
2.67% no fee, £1000 cash back
or
2.17% 5-years, £299 fees, £1000 cash back

Santander, HSBC and others proposed much better deals.

Extra cold deal for me.
I’m with Halifax and I’m dreading next year when I need to renew the mortgage looking at them rates I wonder if it’s worth the hassle moving away from them? (If things stay the same) I’m well under 65% LTV so paying near 3% would be mental...
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