This is a question that many people have when considering a mortgage from Halifax. A variable rate is one that is above, below, or equal to the Bank of England base rate or any other rate that continues for an agreed period. At the end of that period, Halifax will switch you to another rate, normally one of the variable rates from their lenders. The current standard variable rate (SVR) for Halifax mortgages is 7.99%, slightly higher than the industry average and 3.49% above the BOE base rate.
For example, if you take out a mortgage of 120,000 pounds sterling on a property valued at 200,000 pounds for a term of 25 years, the rate is fixed for 26 months later and then returns to the lender's variable rate of 3.59%. The current Halifax SVR only charges 3.5% interest. Halifax said that the new higher interest rate was necessary due to the increase in the cost of financing it faces in both the wholesale and retail markets. When choosing a mortgage offer from Halifax, it's important to consider not only the initial rate but also the standard variable rate (SVR) you may have to pay if you don't remortgage after the end of the offer period. The SVR is probably the most important figure to consider today.
Even Halifax mortgages track the Bank of England's base rate rather than the Halifax mortgage rate. Halifax offers a wide variety of mortgages, whether you're looking for a fixed-rate offer or a buy-to-rent offer. To use their free mortgage calculator, simply go to the top of their page and select the type of mortgage you're looking for. With so many products on the market, it can be easy to choose the lowest overall rate, but once you've added the processing fees and any additional fees, the rates offered by all companies, including Halifax, can increase the real cost of the mortgage. It's important to research which mortgage to apply for before making such an important financial decision. In addition, a mortgage broker could help you explore more mortgages on the market or find one that fits your needs.
For mortgages requested before this date, the Halifax Standard Variable Rate (SVR) will apply. We will recalculate the monthly payment for any part of the mortgage that is being charged interest at a variable rate and add it to the monthly payments on any part of the fixed-rate mortgage to obtain a completely new monthly payment. Compare Halifax mortgage rates: Halifax offers a selection of mortgage products for first-time buyers, moving houses and those looking to remortgage. When choosing the best Halifax mortgage offer for your circumstances, you'll need to consider the value of the property you want to buy, how much you can offer as a deposit, and how much you can afford each month.
Halifax has been offering mortgages for 150 years and was formed in 1853 as the Halifax Permanent Profit Investment and Promotion Society. With so many options available today, it's important to compare different offers from different lenders before making your decision. When considering a mortgage from Halifax, it's important to consider not only their initial rates but also their standard variable rates (SVR). It's also important to research which mortgage product is best for your circumstances and compare different offers from different lenders before making your decision.