Halifax Offers More Remortgage Deals With No Upfront Fees
Published: 19 July 2012 By Julian Stone Leave a Comment
Halifax has removed the upfront fees on a range of its 2-year fixed rate remortgage products.
Free legal and valuations were previously available across the whole Halifax remortgage range. It though has now also removed the product fee and the mortgage account fee.
The removal of these fees will help remortgage customers save money at a time when they might we be hard pressed.
Savings of up to £1760 can be made as the no upfront fees offer includes:
- Product fee (range up to £995)
- Mortgage account fee (£265)
- Standard legal fee (£200)
- Valuation fee (an average of £300).
The offer is available on all Halifax two year fixed rate remortgages at 0-60%, 60-75%, 75-80%, 80-85% LTV and is available through their branches between 19 July and 2 September 2012.
Remortgage lending increased in May with £3.5 billion advanced for remortgage – up from £3.1 billion in April.
Stephen Noakes, Mortgage Director at Halifax said: “The attraction of remortgaging is the peace of mind it provides homeowners of knowing exactly what you are going to pay each month.
“Upfront costs can add up when remortgaging, unlike new buyers who factor in these costs, homeowners looking to remortgage can sometimes get caught out. By offering this to our remortgage customers we are helping alleviate the associated costs with remortgaging.”
The removal of these upfront costs is in addition to the interest rate reductions Halifax announced last week – all of its two-year fixed and tracker products for remortgage customers were reduced by 0.20%.
They have also reduced rates on their two-year fixed products up to 60% for affordable housing.
Current Halifax no upfront fees remortgage range includes:
| Product Type | Rate(%) | Min LTV (%) | Max LTV (%) |
| 2 year | 3.94 | 0 | 60 |
| 4.24 | 60 | 75 | |
| 4.94 | 75 | 80 | |
| 5.24 | 80 | 85 |
MoneyHighStreet comments: “A welcome move that will no doubt help those looking to remortgage but who are struggling with the often very high upfront costs.
“Do be careful though to check the interest rate on your remortgage and work out your total costs, based on the monthly repayments and the loan period, including any upfront fees, to give you the total amount you will be paying.
“The better deals will still invariably go to those who can provide a bigger deposit, or in other words need a smaller loan to value (LTV). Equally there is a premium to pay for avoiding the upfront fees – lenders will look to recoup costs somehow.
“Check your figures and of course opt for the best deal that covers your particular circumstances. It will pay you to take your time to get it right.”
