Halifax – UK Mortgage Lenders

Halifax is the fifth largest Bank in UK. It is part of the HBOS plc along with the Bank of Scotland. with the understanding that buying a home is one of the most complicated and stressful things you can do, they offer a handy guide to buying a home including how to create a realistic budget, view appropriate properties and prepare for the actual move.

Halifax mortgages fall into three main categories:

Flexible mortgages
Fixed rate mortgages
Tracker rate mortgages

1.) A Halifax flexible rate mortgage gives you the choice of changing how you make your payments to suit you and fit your conditions. This product offers three main advantages:

You can choose to increase your monthly payments, hence repay your mortgage early, which in turn could reduce the amount of money you pay in interest

You can borrow money fast and easy. This would be charged at the same rate of interest as your mortgage

You can even decrease your payments or take a payment holiday. This help you free up extra cash when you need it as you can’t always tell what ups and downs life will bring so having this option may suit your needs.

2.) A Halifax fixed rate mortgage which is more secure. The interest rate you pay stays the same knowing exactly how much you will pay every month throughout your fixed rate period. This is less risky than the flexible rate mortgage but you’ll be paying a fixed amount.

An early repayment charge is applied for fixed rate mortgage. And you will not be able to take advantage if interest rates go down.

3.) Halifax tracker rate mortgages are linked to the Bank of England base rate, and you are charged an amount above this rate. The amount you will pay will vary according to base rate shifts. Please check with Halifax for more details

A tracker rate mortgage gives you the chance to benefit from interest rates reductions when they happen. If you want to be able to change you mortgages payments to adapt with your conditions then a flexible mortgage would suit you. However if you want a more secure mortgage you should choose a fixed rate mortgage.