Halifax has launched a 1.5 year fixed rate product for remortgages with rates starting at 4.37%.
Examples of the new product include:
- Maximum of 60% loan-to-value (LTV), with a rate of 4.37% and a fee of £1,499 for loans between £25,000 and £2m.
- Maximum of 85% LTV, with a rate of 5.25% and a fee of £1,499 for loans between £25,000 and £2m.
- Maximum of 90% LTV, with a rate of 5.63% and a fee of £1,499 for loans between £25,000 and £750,000.
Halifax Intermediaries & Scottish Widows Bank head Amanda Bryden says: “Brokers have told us that their clients are keen to see more shorter-term products. With this latest launch, we’re delivering the certainty of fixed payments balanced with a term that offers more flexibility.”
John Charcol mortgage technical manager Nicholas Mendes describes the move by Halifax as “interesting”.
Mendes says: “Not only offers clients a unique balance of stability and flexibility but also enhances their competitive edge in the remortgaging market. With most competitors providing a two-year fixed as the shortest term, this innovative product gives Halifax an edge in attracting remortgaging clients.”
“This product allows clients to lock in a fixed rate while keeping their options open for a review slightly earlier than the standard two-year term, making it particularly appealing in the current uncertain rate environment. “
