Halifax Mortgage Review

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Written by Michael Foote, founder of Quote Goat, has over 13 years experience working in the finance, insurance and currency sectors.

Here at Quote Goat we use customer feedback from a range of review sites across the internet, paired with our own team’s expert analysis to perform a substantial Halifax mortgage review. This way you know exactly what’s on offer when deciding who to choose for your mortgage.

Do Halifax offer competitive rates?

Halifax bank may be able to offer hundreds of unique mortgages, from their fixed rate, tracker and lender variable rate mortgages, but very few are competitive. Compared with the other top ten lenders, Halifax’s separate borrowing options never feature amongst these lenders for affordability.

How many mortgage products do Halifax offer?

Halifax currently offers around 475 different mortgages. The large majority of mortgages available fall into the fixed rate deals as the most popular choice. These feature an agreed upon period for your interest rate to remain at a set level before switching you to another rate.

What do customers say about Halifax?

Online reviews of Halifax’s mortgage services and customer service are fairly balanced, but the reviews tend to tip to one side of the scale depending on whether you are a first-time buyer or existing customer.

For new customers the experience and customer service seem to be positive with most giving a full five stars. Existing customers seem to come up against more obstacles and have received poorer customer service on the whole and feel that Halifax are focused more on bringing in new customers, who are rewarded generously whilst punishing existing mortgage owners.

What are Halifax’s eligibility Requirements?

  • First Time Buyers – The deposit on a first-time buyer mortgage is at least 5% of the price of the property you are looking to buy. Those looking for a mortgage on their first home qualify as long as they have never bought a property before but are still eligible if they have inherited property. If more than one person is buying a property together just one person needs to be a first-time buyer for everyone to qualify.
  • Minimum Income – At present Halifax does not have a set minimum income for buyers but does require proof of income that is adequate to afford repayments.
  • Leasehold properties – Any mortgage on a leasehold property requires at least 70 years left on the given lease at the time you apply.
  • Age Restrictions – Halifax states that the oldest you can be by the end of your mortgage is 80 years old which is currently higher than most other major lenders.

What is Halifax’s maximum loan to value (LTV)?

Halifax’s upper limits on how much you can borrow against your property’s value is set at 95% with a maximum amount of £500,000. The most you can borrow for a new-build property is set at 85% of the value.

Can I make overpayments with Halifax?

Any overpayment during the initial periods of the mortgage will require you to pay an early repayment charge (ERC).

Certain mortgages available from Halifax have an early repayment charge concession which allows customers to make overpayments up to 10% of the amount owed each year, on January 1 without having to pay ERC.

Compare Halifax Mortgages

With hundreds of mortgages available, Halifax may be the best lender for you, especially if you are looking for a first-time buyer mortgage as they provide great offers for new customers.

Our partners at Mojo offer a fee-free mortgage comparison service where you can compare Halifax mortgage quotes against the other top lenders in the UK to find out if they can offer you the best option.

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