Halifax £1000 cashback - how does it work?

glider3560

Halifax are currently offering £1000 cashback on completion, paid to the conveyancer.

Does anyone have any experience of how this works in practice?

Do they send the £1000 through with the mortgage funds, effectively meaning I can send £1000 less to the solicitor. Or will the solicitor have to refund the £1000 to me at some point after completion?

I will ask the solicitor, but they obviously aren't open on a Sunday.

Lilla_D

glider3560 wrote: »

Do they send the £1000 through with the mortgage funds, effectively meaning I can send £1000 less to the solicitor.

Yes, that's exactly it

darkman13

Is this available ony direct or via broker too?

Lilla_D

Via brokers too

ACG

Dont get pulled in by the cashback. I am not saying it is a bad deal, but someone came to me last week thinking it was unbeatable. I managed to find 3 deals that were over £1k cheaper and he best of the 3 had no cashback.

glider3560

ACG wrote: »

Dont get pulled in by the cashback. I am not saying it is a bad deal, but someone came to me last week thinking it was unbeatable. I managed to find 3 deals that were over £1k cheaper and he best of the 3 had no cashback.

Indeed. I've taken everything into account.

I'm in a bit of a situation where the number of lenders is limited:

• borrowing 4.6x salary (but planning a large overpayment in next year or so)
• ending job at an intergovernmental organisation with no UK tax paid for last few years
• new job on fixed term contract
• in probation period

I went to two brokers. One (who did everything over the phone) came up with a slightly better deal, but this fell through at the DIP stage as he realised they only use 80% of your income when on a fixed term contract. The other broker (face to face) initially suggested a worse deal with another lender, until I asked specifically about Halifax, but he seemed reluctant to use them for some reason. Went direct to Halifax in the end, where the service has been excellent.



After the 2 year fixed deal ends, when I'm out of probation on the new job and the intergovernmental organisation stuff is all complete, I'll be able to remortgage onto a much better deal elsewhere.

darkman13

I was offered 5 year fix at 1.70, at 44% ltv it was ok i think

ACG

I got mine at 1.24% at 65% ltv. But it means nothing as it all depends on the loan amount, term, fees etc etc.