Halifax Bank Mortgage Rate Switch / Product Transfers
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There are many reasons why clients want to do a rate switch / product transfer instead of doing a remortgageRefinancing an existing mortgage with a new mortgage.. Many clients just do not want to go through the hassle of the legal work involved with a remortgage. Others have built up a long term relationship with their lender and are happy so do not want to move
Other clients circumstances have changed so that getting a remortgage and going to another lender is not feasible. They might have just gone self employed and do not have adequate income proof. They may have a reduction in income due to going part time or starting a family.
Product Transfers and Rate Switches do not usually involve credit searches so if a clients credit profile would prevent a remortgage then in most cases provided their mortgage payments are up to date their existing lender will allow a rate switch.
Not all lenders allow rate switches and product transfers. However the number of lenders allowing this has grown significantly over the last few years. As a whole of market broker we can compare what is available via your existing lender and what deals are also available from the whole market for you.
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Why process a Rate Switch with Halifax?
Typically the standard variable rateThe interest rate charged by the lender that can vary over t... is much higher than what you could get by doing a rate switch with Halifax, therefore you could make a substantial saving on your monthly payment. If the product transfer rate is not competitive against the whole mortgage market, then instead we can explore remortgaging to a new lender from the whole mortgage market.
Halifax is a trading division of Bank of Scotland, which is owned by the Lloyds Banking Group.
It gets its name after a town called Halifax in West Yorkshire where it was founded as a building society in 1853. Since then, it developed and by 1913 turned into the UK’s largest building society and continued to grow until 1997 when it privatised.
The next steps to process the product transfer with Halifax is a simple process and will just require you to follow the following steps;
- Fill in the online enquiry form
- We will then contact you to discuss the options available to you
- Confirm that you are happy to proceed with the information we provide you and we will then accept the new rate for your mortgage.
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