Starting tomorrow, Tuesday 1st April, Halifax Intermediaries will roll out several updates to its mortgage product range. These changes will affect a wide range of borrowers, including homemovers, first-time buyers, remortgage applicants, and those looking for product transfers or further advances.
One of the key adjustments Halifax is making is the extension of completion dates for homemovers and first-time buyers. This extension aims to provide borrowers with more time and flexibility when finalising their mortgage agreements, helping them navigate the often complex home-buying process.
Similarly, completion dates for remortgage products will also be extended. This change is designed to benefit homeowners looking to refinance their properties by giving them additional time to complete their applications and secure the most suitable mortgage deal.
In addition to extending completion dates, Halifax will be making interest rate adjustments to selected fixed-rate remortgage products. Some of these rates will see reductions of up to 0.16%, making them more attractive to borrowers looking to remortgage at a lower cost.
However, not all rates will decrease. Certain fixed-rate remortgage products will see an increase of up to 0.14%. This means that borrowers considering a remortgage should carefully review the updated rates to determine the best option for their financial situation.
Product transfers and further advance products will also be included in Halifax’s latest round of changes. Like the remortgage products, these options will have extended completion dates, allowing more time for applicants to finalise their transactions.
Interest rate adjustments will also apply to selected fixed-rate product transfer and further advance options. Some of these rates will decrease by up to 0.16%, potentially providing savings for borrowers.
On the other hand, some of these fixed-rate products will see increases of up to 0.14%. This could impact those looking to switch to a new mortgage deal or borrow additional funds against their property.
To ensure a smooth transition, Halifax will update its online platforms to reflect these changes. The Halifax Intermediaries Website, Halifax Intermediaries Online, and various sourcing systems will all be revised by tomorrow, Tuesday 1st April.
Halifax has issued a reminder to customers and intermediaries about the importance of timing. Those who wish to secure existing product codes must act quickly to ensure their applications are processed under the current terms.
To do so, full applications must be submitted by 8pm today, Monday 31st March. Any applications received after this deadline will be subject to the updated mortgage rates and product terms.
These adjustments reflect Halifax’s ongoing effort to adapt its mortgage offerings in response to market conditions. By extending completion dates and revising interest rates, the lender aims to provide borrowers with more options and flexibility.
Borrowers and intermediaries are encouraged to review the upcoming changes carefully to make informed decisions. Whether applying for a new mortgage, refinancing an existing loan, or considering a product transfer, understanding these updates is crucial for securing the best possible deal.
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