Halifax Flexible Mortgages | Are They Right For You?
Halifax flexible mortgages come in a range of fixed rate and tracker options. Offset mortgages are offered through its subsidiary Intelligent Finance. Halifax flexible mortgages have all the facilities borrowers expect from flexible mortgages. Halifax flexible mortgage holders can overpay at any time, though there may be a charge to pay depending on the deal. Within any 12 month period borrowers with a Halifax flexible mortgage can repay up to 10 per cent of the outstanding balance.
Mortgage holders who have previously overpaid can underpay up to the amount overpaid. Some deals also allow payment holidays of up to six months. With Halifax flexible mortgages borrowers can also extend their mortgage term to reduce monthly repayments or shrink it so they can repay their mortgage earlier. However underpayments and payment holidays could increase the mortgage term and/or the total amount payable.
Halifax Flexible Mortgages - Fixed Rate Deals
With Halifax flexible mortgages, borrowers can choose from several fixed rate deals. For the fixed rate until 31 April 2010, interest rates start at 5.67 per cent to 6.29 per cent during the fixed rate period, then revert to the bank's standard variable rate, currently at 7.5 per cent. The overall rate for comparison is between 7.4 per cent and 7.9 per cent. Halifax offer a range of products at varying rates depending on the lender arrangement fee you choose. This ranges between zero to £1199.
Halifax Flexible Mortgages - Tracker Rate Deals
Halifax also offer fixed rates untill 2011 and 2013 with rates starting at 5.7% up to 6.49%. Halifax flexible mortgages currently offer a 5.85 fixed rate untill 28/2/2013 with tapered early repayment penalties until the end of the fixed period. There are free valuations and free legal services availiable for remortgagers and a £599 arrangement fee is charged by the lender. The APR is 7.0%.
Homebuyers with Halifax flexible mortgages can choose from a variety of tracker rate mortgages depending on their circumstances, the type of property they are buying and the desired loan to value. The tracker rate mortgages aimed at first time buyers have interest rates between 5.74 per cent and 6.5 per cent (APR between 6.9 per cent and 7.5 per cent). Arrangement fees vary between zero and £999 and currently all deals have arrangement fees. Early repayment charges apply to some of these Halifax flexible mortgages. There is also a tracker mortgage with £200 cashback and all remortgage deals come 
with a frre valuation and free legal services. The actual flexible tracker deals differ depending on fees and the amount of time the deal is set for.
An example of a tracker deal offered by Halifax mortgages is their tracker deal which is 0.24% above the Bank of England Base rate until 30/4/2013. There is a £999 lender arrangement fee with all other fees including legals are free. There is a reducing early repayment penalty. Starting at 50% and reducing to 10% over the term. The APR is 6.90 and the tracker deal revert to rate is the lenders standard of 7.5% at the end of the tracker period.
