Halifax cuts rates on further advances
The alignment means a single pricing structure for product transfers and further advances, and reduced rates for further advance customers.
Further advance rates are now tiered, based on loan-to-value and total loan size – existing mortgage amount plus additional borrowing.
In addition, borrowers will be able to benefit from the availability of 2-year and 4-year fixed rate products for further advances.
Ian Wilson, Halifax Intermediaries, said: “These changes are part of our continued efforts to improve our intermediary and customer proposition. This will make it even easier for intermediaries to do product transfers and further advances as only one application is required.
“Customers benefit from a competitive alternative to remortgaging and intermediaries will still receive a full procuration fee for product transfers and remortgages.”