This deal was published more than 2 weeks ago and may no longer be available.
Halifax 5 year fixed mortgage - 1.56% (no fee). Existing customers! Plus other reduced deals
2089°

Halifax 5 year fixed mortgage - 1.56% (no fee). Existing customers! Plus other reduced deals

235
Posted 7th May
**Further reductions landed 1st June!**
Halifax have SIGNIFICANTLY reduced their product transfer rates for existing customers on their standard variable rate (or those approaching the end of a fixed rate).

3 and 5 year fixed at various rates and LTVs...
Examples:
•5 year fixed 1.56% for < 60% LTV (balance owing over £100k) with £0 product fee
• 3 year fixed (now further reduced) 1.49% for < 60% LTV (balance owing over £100k) with £0 product fee

Most customers should be able to do these themselves online...Might help those looking to keep rates down and have some stability over the coming years without having to remortgage elsewhere.

Normally Halifax are quite uncompetitive in this space, but this re-pricing puts them amongst the best buys.
Community Updates
Lead deal editor
  • It’s easiest and quickest to switch deals online
    Our telephone and branch advisers are much busier than usual at the moment, so we’ve made it simple for you to set up your new deal yourself.
  • Switching a joint mortgage?
    No problem. You can now do that from home too. Just choose your new deal and we’ll take care of the rest.
  • No legal fees or valuation charges
    And, if you’re in the last three months of your current deal, we’ll even waive all early repayment charges as a thank you for staying with us.
  • We’re here to help, if you need us
    If you’d like some advice, or start an online application but decide you need some help, our mortgage advisers will be happy to discuss your options with you.

    You will need to speak to us if...

    • You're thinking about borrowing more money with your new deal
    • You want to change your mortgage term or repayment type
    • You have an interest only mortgage
    • You'd like some help choosing your new deal

    We’re working closely to UK Government advice to help protect you and our colleagues during the coronavirus (COVID-19) outbreak. Access to branches is limited and we’ve made some changes to our available services and opening hours.

    If you need to talk to us about your mortgage or would like some help choosing your next deal, please ask us to call you back using the link below. We’ll contact you as soon as we possibly can.

    If your current deal is due to end in the next month, don’t worry. We’ll make you a priority.

Groups

Top comments
Can the nationwide please follow suit. To avoid a 2% ERC I'm waiting in principle until July 1st. With a 1%less ERC plus no mortgage redemption fee of £65, this APR would be perfect and eclipse anything I can see on the market.

BTW, feel this is a stonking deal for those at The Halifax. I'd be certainly considering if I was with them. Seems to be a pattern developing of around c1.5% APR deals with fees either reduced or cut altogether.

Here's hoping so many of us can benefit across the market. NATIONWIDE, if your reading please be all sporting and drop accordingly
Edited by: "bantamdave33" 7th May
Thank you OP for bringing this deal to light.

Last Month I had renewal quote from Halifax and that was £960 per month, so I waited instead of renewal (I am in between jobs now) and was on their fallback rated which was £1030 (that's what I paid this month).

I was looking else were and the quote was coming up £830 per month elsewhere, but that would mean going through a remortgage application (not the best option due to my job situation).

With this offer, I am quoted £830 per month, I compared it elsewhere and it's still a good rate. I accepted the offer and now I will be paying around £200 less. So the I am saving quite a lot now.

Thanks a million OP.
gallopingbanker07/05/2020 19:01

In addition to your contracted monthly payment, You can pay off 10% extra …In addition to your contracted monthly payment, You can pay off 10% extra of your balance each year (either in one lump sum or series of payments) and this will then reduce your future payments and save you interest.


I used overpayments as an emergency fund as well. When I started my first fix with Halifax they confirmed that should I be unable to pay my mortgage, and informed them of it, they would use up overpayments first before my account was considered to be in arrears. I was ahead on my mortgage by 6 months so effectively had a 6 month buffer built into my mortgage. My mortgage was fixed at 2.39% so that was the same as having the overpayment funds in a savings account paying 2.39% - double win in my book!

For the above reasons I always fix my mortgage to the longest term I can get because it lowers the expected monthly payment whilst giving me the flexibility of overpaying and the protection that provides.
donny126607/05/2020 12:35

Better options through brokers due to them being able to access these + …Better options through brokers due to them being able to access these + the products with fees.


These rates are very low...you probably could get a slightly lower % elsewhere but would have to go through the remortgage process and in these times with reduced operating capacity across the industry it may be delayed and a little bit more hassle.
235 Comments
Better options through brokers due to them being able to access these + the products with fees.
donny126607/05/2020 12:35

Better options through brokers due to them being able to access these + …Better options through brokers due to them being able to access these + the products with fees.


These rates are very low...you probably could get a slightly lower % elsewhere but would have to go through the remortgage process and in these times with reduced operating capacity across the industry it may be delayed and a little bit more hassle.
gallopingbanker07/05/2020 12:48

These rates are very low...you probably could get a slightly lower % …These rates are very low...you probably could get a slightly lower % elsewhere but would have to go through the remortgage process and in these times with reduced operating capacity across the industry it may be delayed and a little bit more hassle.


I meant that there’s a 1.15% retention rate for brokers to keep clients with Halifax but you can’t get that on your own. It’s weird they give brokers better products but they do.
donny126607/05/2020 12:49

I meant that there’s a 1.15% retention rate for brokers to keep clients w …I meant that there’s a 1.15% retention rate for brokers to keep clients with Halifax but you can’t get that on your own. It’s weird they give brokers better products but they do.


Either way...great deals for existing customers to be had vs. what was on offer a few weeks ago(y)
Edited by: "gallopingbanker" 7th May
I signed up with a new deal with Halifax in Janaray
Plus no credit check right if you go through Halifax again ...?
Just seen the HSBC 1.59% 5 year deal is on 2,500 heat...and this is even better!
Can the nationwide please follow suit. To avoid a 2% ERC I'm waiting in principle until July 1st. With a 1%less ERC plus no mortgage redemption fee of £65, this APR would be perfect and eclipse anything I can see on the market.

BTW, feel this is a stonking deal for those at The Halifax. I'd be certainly considering if I was with them. Seems to be a pattern developing of around c1.5% APR deals with fees either reduced or cut altogether.

Here's hoping so many of us can benefit across the market. NATIONWIDE, if your reading please be all sporting and drop accordingly
Edited by: "bantamdave33" 7th May
Heated but slightly annoyed...

My remortgage away from Halifax completes today! I switched to Natwest due to the abysmal rates they were offering existing customers. I just checked and at 85% LTV they are now offering 1.85% for 3 years and 2% for 5 years. A month ago the best they offered me was 2.39% for 2 years. After factoring in the £995 remortgage fees, the deals they are now offering are better than what am moving to.
I’m on SVR with Halifax, ready to switch but less than 100k owing. Rates are still pretty gash at that level, 2.6% etc
They cant even answer the phone. I got 65k in a current account and been trying to phone them to book 12k cash for a van, pointless! Day 4 now.
Really good deal. It was actually 2.8% for months on their 5 year plan - was planning on switching because of this.

Managed to switch online and took 10 mins.
Wish Barclays would do this
Excellent .. thank you OP

I am in the process of switching from Halifax to Nationwide because of the higher rates Halifax had last month, I am in the queue for a desktop valuation, so it is taking quite long .... lucky me ... I am going to cancel the switch and stay with Halifax. Although the rates of Nationwide are still better (1.49 for 5 years), there is a £999 fee and the hassle of valuation during the current situation

Thanks again OP.
donny126607/05/2020 12:49

I meant that there’s a 1.15% retention rate for brokers to keep clients w …I meant that there’s a 1.15% retention rate for brokers to keep clients with Halifax but you can’t get that on your own. It’s weird they give brokers better products but they do.



Just completed a switch from halifax to nationwide, had they publicised this i would have gone with it
Mrepg07/05/2020 14:21

They cant even answer the phone. I got 65k in a current account and been …They cant even answer the phone. I got 65k in a current account and been trying to phone them to book 12k cash for a van, pointless! Day 4 now.


Try calling one of the local branches in your area direct (numbers are on google) between 10-2 you may have more joy
Does anyone know the % overpayment you are allowed to make with Halifax, please?
Anfield07/05/2020 15:21

Does anyone know the % overpayment you are allowed to make with Halifax, …Does anyone know the % overpayment you are allowed to make with Halifax, please?


10% per year
gallopingbanker07/05/2020 15:15

Try calling one of the local branches in your area direct (numbers are on …Try calling one of the local branches in your area direct (numbers are on google) between 10-2 you may have more joy


Thanks will do, appreciate it.
just completed a switch the other way from YBS->Halifax. SVR kicked in on at the end of previous deal on 1st May so had to get something sorted and got ball rolling just before COVID took a proper grip.

1.67% over 5 years no fees so not the worst, but not quite as competitive as a couple which have started appearing in the last week...

YBS wanted around 1.90% i think for the same on a existing customer rate. They are really banking on people being too lazy to seek an alternative. Told them straight i will not accept that considering what else is on the market and no real effort to try and keep us? Even when we started request redemption statements etc you would think some sort of retentions might kick in?
donny126607/05/2020 12:49

I meant that there’s a 1.15% retention rate for brokers to keep clients w …I meant that there’s a 1.15% retention rate for brokers to keep clients with Halifax but you can’t get that on your own. It’s weird they give brokers better products but they do.


A very blanket comment. Are you a broker? Factoring in the £1000-1500 product fee and £250+ broker fee they will not always work out better, you would need to do the calculations first. These are available to brokers to stop them moving customers away from Halifax as some people only use brokers because they can’t/won’t shop around themselves.
oldino07/05/2020 15:58

A very blanket comment. Are you a broker? Factoring in the £1000-1500 …A very blanket comment. Are you a broker? Factoring in the £1000-1500 product fee and £250+ broker fee they will not always work out better, you would need to do the calculations first. These are available to brokers to stop them moving customers away from Halifax as some people only use brokers because they can’t/won’t shop around themselves.


No, financial adviser. A lot of brokers are free now. Just worth considering using a free online broker if you can as they’ll have the fee options and the non-fee. If your mortgage is over £120,000 it’s normally better to go with the fee one.
gallopingbanker07/05/2020 12:57

Just seen the HSBC 1.59% 5 year deal is on 2,500 heat...and this is even …Just seen the HSBC 1.59% 5 year deal is on 2,500 heat...and this is even better!


If you rename to Halifax 5 year fixed mortgage 1.56% will get more heat.
Perfect timing, we have a split mortgage and sub account due to end in Oct. Such was the uncompetitive rate halifax previously had I was considering paying ERC in order to remortgage elsewhere but now worth staying as it is.
Can anyone give advice on being able to get out of a fixed term once in it? To change mortgage length ect
So advice would be great here, so this is what I'm on:

40670340-LqK3M.jpg
So advice would be great here, so this is what I'm on. Around 105k left to pay and monthly around £450

40670342-SHsEd.jpg
Edited by: "MakeItHotinHere" 7th May
Just a shame my current Halifax deal has a year to go and the early repayment charge is pretty bad... heat tho
shortfry07/05/2020 16:46

Can anyone give advice on being able to get out of a fixed term once in …Can anyone give advice on being able to get out of a fixed term once in it? To change mortgage length ect


You would have to pay the early redemption charge (ERC). Depending on your provider and remaining term of fixed deal might be anything from 1-5% typically.
You need to factor this cost in against any potential savings by switching to a lower deal.
Edited by: "gallopingbanker" 7th May
Brilliant - just locked in for 5 years in less than 10 mins
Thank you OP for bringing this deal to light.

Last Month I had renewal quote from Halifax and that was £960 per month, so I waited instead of renewal (I am in between jobs now) and was on their fallback rated which was £1030 (that's what I paid this month).

I was looking else were and the quote was coming up £830 per month elsewhere, but that would mean going through a remortgage application (not the best option due to my job situation).

With this offer, I am quoted £830 per month, I compared it elsewhere and it's still a good rate. I accepted the offer and now I will be paying around £200 less. So the I am saving quite a lot now.

Thanks a million OP.
I got 1.44% with £1499 fee / 5 Years lock Halifax rate switch via broker. (306k / 75LTV) is that good or not?
Can you get anything decent on balance under 100k? Got currently mortage with them with balance 96k coming to an end in September
Is a 10 year fixed at 2.1% any good ?
jamin10007/05/2020 18:36

Is a 10 year fixed at 2.1% any good ?


I believe it is a very good rate. you have 10 years peace of mind .... especially with the current uncertain situation
chwasu07/05/2020 18:23

Can you get anything decent on balance under 100k? Got currently mortage …Can you get anything decent on balance under 100k? Got currently mortage with them with balance 96k coming to an end in September


Borrow £10k more for a “new car”...get the better rate then repay it as an overpayment
gallopingbanker07/05/2020 18:49

Borrow £10k more for a “new car”...get the better rate then repay it as an …Borrow £10k more for a “new car”...get the better rate then repay it as an overpayment


How overpayment work?
MakeItHotinHere07/05/2020 18:59

How overpayment work?


In addition to your contracted monthly payment, You can pay off 10% extra of your balance each year (either in one lump sum or series of payments) and this will then reduce your future payments and save you interest.
gallopingbanker07/05/2020 19:01

In addition to your contracted monthly payment, You can pay off 10% extra …In addition to your contracted monthly payment, You can pay off 10% extra of your balance each year (either in one lump sum or series of payments) and this will then reduce your future payments and save you interest.


I used overpayments as an emergency fund as well. When I started my first fix with Halifax they confirmed that should I be unable to pay my mortgage, and informed them of it, they would use up overpayments first before my account was considered to be in arrears. I was ahead on my mortgage by 6 months so effectively had a 6 month buffer built into my mortgage. My mortgage was fixed at 2.39% so that was the same as having the overpayment funds in a savings account paying 2.39% - double win in my book!

For the above reasons I always fix my mortgage to the longest term I can get because it lowers the expected monthly payment whilst giving me the flexibility of overpaying and the protection that provides.
Heat added - I’m on my first residential mortgage so apologies if this is a stupid question - I’m currently with Halifax but have 1 year left on my current 2 year fixed - can I change to this without paying an Early Repayment Charge as it’s Halifax-Halifax?
Edited by: "vpatel2707" 7th May
Post a comment
Avatar
@
    Text