Halifax to Get Tough

< Back

Halifax have announced that as from today they will penalise all borrowers who are unable to raise a 25% deposit and for anyone needing a mortgage of over 75% loan to value will have 0.14% added to the product rate.

Those able to put down a deposit of at least 25% Halifax with reward them by cutting the product rate by 0.1%. Halifax have also a new range of products for first time buyers as from today including a 5.69% five year fixed rate product at 90% loan to value.

This lender’s products were divided into two categories 0% to 90% and 90% to 97% but as from today they will now be in three bands 0% to 75%, 75% to 90% and 90% to 95% meaning the minimum deposit is now 5% not 3%.

All these changes also apply to all deals with Intelligent Finance and Bank of Scotland.

It is considered to be good that those with larger deposits are being rewarded but those with lower deposits will pay more as lenders now only want low risk borrowers.

< Back