Halifax purchase and re-mortgage rates going up from Monday (10th October)

K_S

Rates going up across the range, new product guide can be seen here 

If you are currently reviewing any Halifax recommendations, or your broker is waiting on your go ahead, please get in touch with your broker.

I wouldn't read too much into this. Halifax is currently flooded with business from the few days that they had extremely competitive rates so they've probably done this to throttle new business until their service levels recover.

Please note that the above refers only to intermediary (broker) products and may or may-not apply to direct applications.

simon_or

Lowest 5 year fix rates starting at 5.7% and almost all the 2 year rates over 6%. That's nuts.

I'm curious why a big bank like Halifax isn't introducing any tracker or discounted rates, I'd have thought there's a demand out there.

K_S

@simon_or I think it's only building-societies that do discount products but you're right a competitive tracker would be a good product to have in their guide. I might be wrong but I don't think Halifax have offered any trackers in the past decade.

Ferrex

simon_or said:

Lowest 5 year fix rates starting at 5.7% and almost all the 2 year rates over 6%. That's nuts.

I'm curious why a big bank like Halifax isn't introducing any tracker or discounted rates, I'd have thought there's a demand out there.

I got a three year fixed rate today with Halifax, 3.69%. There are still good deals available.

simon_or

Ferrex said:

simon_or said:

Lowest 5 year fix rates starting at 5.7% and almost all the 2 year rates over 6%. That's nuts.

I'm curious why a big bank like Halifax isn't introducing any tracker or discounted rates, I'd have thought there's a demand out there.

I got a three year fixed rate today with Halifax, 3.69%. There are still good deals available.

Surely that's an existing borrower product switch rather than a remortgage (changing from a different lender to Halifax) or a purchase?

If it were a remortgage then people would beating down their doors to get that rate.

PK_London

Can we assume if base rates go up 0.5% at the next BOE meeting, these mortgage rates will go up the same or are we to assume some of these future rises are already priced in?

Ibits4321

PK_London said:

Can we assume if base rates go up 0.5% at the next BOE meeting, these mortgage rates will go up the same or are we to assume some of these future rises are already priced in?

They're priced in. They're expecting BR to go up 2% this time. Remember there was talk of an emergency hike of 1.5% before the next meeting before the BofE said they wouldn't be doing anything before the scheduled meeting.

hildosaver

This is a nightmare for me unfortunately - my fixed deal with Halifax is up in just over 3 months and I'm waiting till 31st October to switch to their new rate and fix for another 2 years. By the looks of this i'll be going from a 2.09% rate to 6.25% which is one hell of a jump.

K_S

@hildosaver It's important to note that the rates that are the subject of this thread refer to new business ie applicants that do not currently have a Halifax mortgage. So it wouldn't apply to someone in your situation who's already with Halifax.

When it comes to 01 November, the product-switch rate that you will be offered as an existing customer will almost certainly be noticeably better than the new business rates.

hildosaver said:

This is a nightmare for me unfortunately - my fixed deal with Halifax is up in just over 3 months and I'm waiting till 31st October to switch to their new rate and fix for another 2 years. By the looks of this i'll be going from a 2.09% rate to 6.25% which is one hell of a jump.

hildosaver

K_S said:

@hildosaver It's important to note that the rates that are the subject of this thread refer to new business ie applicants that do not currently have a Halifax mortgage. So it wouldn't apply to someone in your situation who's already with Halifax.

When it comes to 01 November, the product-switch rate that you will be offered as an existing customer will almost certainly be noticeably better than the new business rates.

hildosaver said:

This is a nightmare for me unfortunately - my fixed deal with Halifax is up in just over 3 months and I'm waiting till 31st October to switch to their new rate and fix for another 2 years. By the looks of this i'll be going from a 2.09% rate to 6.25% which is one hell of a jump.

That is reassuring - I'm expecting at least 5% but at this rate I'll just be happy if it is less than 6%.