Halifax £1000 cashback - how does it work?

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glider3560
glider3560 Posts: 4,115 Forumite
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in Mortgages & endowments
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.

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  • Lilla_D
    Lilla_D Posts: 359 Forumite
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    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
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • darkman13
    darkman13 Posts: 77 Forumite
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    Is this available ony direct or via broker too?
  • Lilla_D
    Lilla_D Posts: 359 Forumite
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    Via brokers too
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • ACG
    ACG Posts: 23,729 Forumite
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    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.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • glider3560
    glider3560 Posts: 4,115 Forumite
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    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
    darkman13 Posts: 77 Forumite
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    I was offered 5 year fix at 1.70, at 44% ltv it was ok i think
  • ACG
    ACG Posts: 23,729 Forumite
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    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.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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