Halifax to remove fees on remortgage products
Further strengthening its support to the housing market, Halifax has announced the removal of upfront fees on a range of 2-year fixed rate remortgage products.
In addition to free legal and valuations which are available across the whole Halifax remortgage range, Halifax will be removing the product fee and the mortgage account fee; providing savings of up to £1760 for remortgage customers.
Despite the Bank of England base rate remaining at low levels, remortgage lending increased in May with £3.5 billion advanced for remortgage - up from £3.1 billion in April.
Stephen Noakes, Mortgage Director at Halifax said; "The attraction of remortgaging is the peace of mind it provides homeowners of knowing exactly what you are going to pay each month. Upfront costs can add up when remortgaging, unlike new buyers who factor in these costs, homeowners looking to remortgage can sometimes get caught out. By offering this to our remortgage customers we are helping alleviate the associated costs with remortgaging."
This is in addition to rate reductions announced last week, which saw Halifax reduce all of its two-year fixed and tracker products for remortgage customers by 0.20 percent.
Example rates include a 60 per cent LTV £995 fee deal reduced to 3.34 per cent and the £0 fee deal reduced to 3.94 per cent. Halifax have also reduced rates on its two-year fixed products up to 60 per cent for affordable housing.