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Halifax mortgage review

1853Halifax was first founded.

Halifax is one of the UK’s largest mortgage lenders, and was awarded the Best Overall Mortgage Lender award by YourMortgage in 2017.

Halifax was founded as a building society in 1853, before becoming a public limited company in 1997 and becoming part of Lloyds Banking Group in 2009.

Halifax mortgage deals are available to a wide range of people, but they generally won’t lend to you if you have particularly bad credit.

We’ve reviewed some of the UK’s top mortgage lenders and measured their service, application speed, and affordability.

See how Halifax compares to other mortgage lenders:

Is Halifax a good mortgage lender?

3,907Upheld complaints received by the financial regulator.

There are many ways to measure how good a lender is. We've chosen to focus on publicly available complaints data to estimate their quality of service.

Halifax is part of Lloyds Banking Group, so we looked at Lloyds’ customer complaints record between July and December 2017. During this period the Financial Conduct Authority (the financial regulator) received 3,907 officially upheld complaints from Lloyds mortgage customers, including Halifax customers.1 That’s around 0.2% of customers and is slightly lower than the 0.4% average across major lenders.*

*The number of customers served by this lender isn’t publicly available so we’ve estimated this figure based on market share and average house price in the UK.

How long does a Halifax mortgage application take?

6 daysAverage speed of Trussle customer’s mortgage application with Halifax.

During the last six months, the average speed that Halifax processed a Trussle customer’s successful mortgage application was 6 days.* That’s quicker than the 12-day average across all the lenders we’ve submitted applications to.

Bear in mind that the speed of application will vary depending on your own personal circumstances and the lender’s present day-to-day performance. In some cases, applications can be approved by the lender within 24 hours, while some can take weeks or even months. This can also be impacted by the quality of application submitted, which is why you may want to consider using a mortgage broker. The average quoted speed therefore may not reflect your own experience.

*The number of customers served by this lender isn’t publicly available so we’ve estimated this figure based on market share and average house price in the UK.

How much could I afford to borrow from Halifax?

5 xMaximum annual income.

Halifax could lend up to a maximum of 5 times income before tax, depending on your circumstances.

These details were last updated on 13th July 2018.

Halifax mortgage calculator

Use our online mortgage calculator to see what you could afford to borrow or save on your existing mortgage.

We’ll then search through thousands of mortgage deals from over 90 lenders including Halifax to find you the most suitable deal.

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Halifax mortgage rates

The following deals are based on securing a mortgage of £181,600 on a £227,000 property (that's 80% loan-to-value) over a 25 year term.

Halifax's lowest 2 year fixed rate

Initial rate:
1.58%
Annual Percentage Rate of Charge (APRC):
3.90%

Based on securing a mortgage of £181,600 over a 25 year term. Reverts to SVR after initial 26 month period, costing £961.19 per month for 274 months. Total amount payable is £283,787.71 including interest and fees. True cost based on a 24 month period. This deal was last updated on 1st March 2019.

Halifax's lowest 5 year fixed rate

Initial rate:
2.03%
Annual Percentage Rate of Charge (APRC):
3.50%

Based on securing a mortgage of £181,600 over a 25 year term. Reverts to SVR after initial 62 month period, costing £940.60 per month for 238 months. Total amount payable is £273,110.01 including interest and fees. True cost based on a 60 month period. This deal was last updated on 1st March 2019.

Halifax's current Standard Variable Rate

Standard Variable Rate (SVR):
4.24%

This rate was last updated on 1st March 2019.

Halifax mortgage deals

The following deals are based on securing a mortgage of £181,600 on a £227,000 property (that's 80% loan-to-value) over a 25 year term.

We’ve searched for the most competitive deals according to true-cost. This includes capital and interest repayments, fees, and incentives due over the initial period of the deal, and is a more effective way of comparing deals than looking for the lowest interest rate deal.

Halifax first-time buyer

True cost over initial period:
£18,559.99
Monthly payment:
£758.28
Upfront fee:
£361.27
Initial rate:
1.87%
Standard Variable Rate (SVR):
4.24%
Annual Percentage Rate of Charge (APRC):
3.90%

Reverts to SVR after initial 26 month period, costing £963.80 per month for 274 months. Total amount payable is £284,157.75 including interest and fees. True cost based on a 24 month period. This deal was last updated on 1st March 2019.

Halifax remortgage

True cost over initial period:
£18,793.20
Monthly payment:
£783.05
Upfront fee:
£0
Initial rate:
2.15%
Standard Variable Rate (SVR):
4.24%
Annual Percentage Rate of Charge (APRC):
3.90%

Reverts to SVR after initial 26 month period, costing £966.25 per month for 274 months. Total amount payable is £285,111.80 including interest and fees. True cost based on a 24 month period. This deal is semi-exclusive to Trussle. This deal was last updated on 1st March 2019.

Frequently asked questions about Halifax mortgages

This information was last updated on 29th May 2019.

What’s a Halifax Mortgage in Principle?

The first part of the application process is to get a Mortgage in Principle (otherwise known as a Decision in Principle or Agreement in Principle). Having one shows that, in principle, you’ve got the financial means to buy a property up to a certain value.

Trussle can provide you with a free Mortgage in Principle quickly.

What size mortgage can I get with Halifax?

The amount you can borrow from Halifax will depend on your financial circumstances. You can use our mortgage calculator to find out how much you could borrow.

There are plenty of borrowing options available with Halifax, and - depending on your circumstances - you could be eligible for additional borrowing. Certain rules apply - for example, your payments must be up-to-date before you submit an application.

How long does Halifax give me to complete my property purchase?

If you don’t complete the purchase of your property within six months of applying for your mortgage with Halifax, your mortgage offer will expire.

If it looks like you won’t be able to buy your property in time, you might be able to apply for an extension. Otherwise, you’ll have to reapply from scratch.

Does Halifax do a credit check after a mortgage offer?

Halifax will check your credit score before they offer you a mortgage - this gives them an indication of the level of risk involved in lending to you and ensures that they lend responsibly. There’s also the possibility that Halifax may do an additional credit search after the mortgage offer.

Lenders can do this at any time leading up to the exchange and completion of your property to ensure no changes in your circumstances have occurred since the mortgage offer was granted.

How long does it take to get a Halifax mortgage offer after the valuation?

Halifax require a valuation on the property you choose. This helps them to make a decision on your application.

If Halifax are happy with the details of the valuation and they’ve completed all the underwriting and affordability checks, they’ll produce a mortgage offer - usually within a few days.

Will my funds be released on the completion date?

Yes, Halifax will release your mortgage funds the day you take ownership of the property. So you should be able to pick up your keys and start moving in immediately.

The date you complete your purchase will need to be agreed between your solicitor and the seller’s solicitor. This will happen after you’ve signed a contract and paid your deposit for the property.

When is my first mortgage payment to Halifax due?

Halifax doesn’t set a standard date for first payments. They’ll contact you shortly after they’ve released your mortgage funds to let you know when to pay your first instalment.

You’ll be able to pay by Direct Debit, standing order, or by using a debit card. Debit card payments will need to be handled over the phone or in branch.

How much am I able to overpay on a Halifax mortgage?

It depends whether you want to pay off your mortgage early or simply reduce your monthly mortgage payments, as well as what type of mortgage you have with Halifax.

Whatever your circumstances, it’s best to check the terms of your own mortgage deal. If you have any questions, get in touch with Halifax directly.

What will happen after my current mortgage deal is over?

Halifax will let you know you need to change your mortgage. You may then be able to switch to a new deal online, as long as:

  • you don’t need any advice
  • you don’t need to change your mortgage size
  • you aren’t changing your mortgage term
  • you don’t have an interest-only mortgage

In all other circumstances, you’ll have to call Halifax, or visit a Halifax branch, to move over to a new deal. If you don’t remortgage to another deal, you’ll drift onto their Standard Variable Rate (SVR) deal which usually increases your monthly payments.

Does Halifax offer mortgage payment holidays?

There’s a chance you’ll be able to get a payment holiday with Halifax, as long as you’re eligible.

To apply for a mortgage payment holiday with Halifax you’ll need to contact them first. They have a payment holiday policy and will assess your application against their criteria before making a decision.

Are Halifax mortgages portable?

With Halifax, you might be able to take a product with you to a new mortgage (this is often referred to as ‘porting’). Your Mortgage Illustration and mortgage offer letter from Halifax will confirm whether this is possible.

If you’re buying a property which requires you to borrow more money, this may be possible depending on the lender's affordability calculations and credit search. If you’re successful in borrowing more from the lender, this is known as a 'top-up' to your existing mortgage and your mortgage will be in two separate parts with different end dates to the initial product.

Talk to your broker to confirm whether it’s better to port your existing mortgage deal across to a new property, or if you could save money by switching to a new lender.

Does Halifax offer online banking?

Yes, meaning you can view your mortgage balance and interest rate online at any time.

Before you can use the Halifax online banking portal, you’ll need to register. As well as viewing your current mortgage balance, you’ll be able to see all of your sub-account balances for an in-depth breakdown.

What insurance does Halifax require me to have?

Just buildings insurance, to cover the bricks and mortar of your property, plus any fixtures and fittings.

They recommend you also take out contents insurance, but they don’t require you to. You’ll often find contents and buildings insurance included in a single package.

Halifax have no requirement for customers to take out life insurance or critical illness cover.

Can I get a Halifax Buy To Let mortgage?

It may be possible to get a Buy to Let mortgage with Halifax, but you’ll need to meet their criteria to be eligible.

Halifax only offer deals which are self-financing, meaning the income you generate when you rent out the property has to cover the repayments.

Did Halifax add PPI to mortgages?

If you’ve already got a mortgage with Halifax, you might be thinking: “Did Halifax add PPI to my mortgage?”

Historically, Halifax did sell PPI to mortgage customers, but they stopped doing so in July of 2010. So there’s no chance you’ll be sold Halifax mortgage PPI alongside your mortgage if you chose Halifax today.

PPI pays out money to help cover monthly repayments on a loan, credit card, or mortgage if certain events prevent you from making payments yourself. The events covered depend on the terms of the PPI. If you think you were mis-sold PPI by Halifax, you can follow their PPI complaints process.

How do I contact Halifax?

You can call Halifax on 0345 850 3705 to speak to one of their mortgage experts. Lines are open Monday to Friday 8am - 8pm and Saturday 9am - 4pm. If you want to talk to someone face to face, you'll need to book an appointment at your local branch.