Halifax Loans

 

    • Typical APR: 8.9%
    • Min: £5,000
    • Max: 80% Loan-to-Value
    • Term: 3 - 25 Years
    • Bad Credit: No
Apply For a Free Quote Now »


Summary

The Halifax Loan Company is a financial company based in the UK. The bank derived its name from the town of Halifax, West Yorkshire, and the institution was first established there as a building society in 1853. The company’s motto is “A Little Extra Help”.

Halifax is a full-service financial institution. The company offers checking and savings accounts, credit cards, investment accounts, mortgages, secured loans, and personal loans for its customers. It provides these services online, at its branches, through direct mail, and over the telephone.

Practices

Halifax is dedicated to building a better online bank. The company recently made major changes to how their customers can create and send payments. The company increased payment limits, made it easier to transfer money between accounts, and added an online name search for companies when customers pay bills.

The company also implemented new features to its mobile banking program. It now offers weekly balance advice alerts so that customers can keep up with their current account balances. The bank also offers limit alerts, low balance alerts, and high balance alerts for customers to receive on their smartphones.

Services

Halifax features a variety of homeowner loan deals that have no product fees and a low £99 arrangement fee. You can use the money you borrow for anything – home improvements, debt repayment, or other personal expenses. The two most popular homeowner loan programs offered by the company are the fixed rate mortgage and the tracker rate mortgage.

The fixed rate homeowner loan has an interest rate that will not change for the lifetime of the loan. For most of the fixed rate homeowner loans, the minimum amount that you may borrow is £5,000. The maximum that you may borrow is 80% of your home’s value. This amount includes the amount left owed on your existing mortgage. Borrowers are subject to valuation, income and credit checks before approval. The loan includes a £99 further advance arrangement fee which can be added to the amount of your homeowner loan in lieu of being paid up-front.

The tracker rate homeowner loan is a variable-rate mortgage. The tracker rates directly link to the Bank of England Bank Rate. You must have had your Halifax mortgage for more than 6 months to apply for the program. In addition, your last three months of payments must have been on time in order to qualify. The tracker rate mortgage also has a minimum borrow amount of £5,000, and the maximum that you can borrow is 80% of the property’s value including the existing amount owed.

Clients and Customers

Halifax deals exclusively with homeowners in the UK based on their credit score and financial history. The company makes special accommodations for its disabled customers, and it has adapted its financial services to make them accessible to everyone. Halifax has branch sites outfitted for wheelchair users, accommodations for the visually and hearing impaired, and many website access options for those who need assistance.

Associations and Credentials

In 1997, Halifax de-mutualized and became a plc, as well as a constituent of the FTSE 100 Index. The company entered into a merger with The Governor and Company of the Bank of Scotland in 2001 to form HBOS. In 2009, Lloyds TSB took ownership of HBOS, and on January 19, 2009, the company became part of Lloyds Banking Group. Halifax plc is a subsidiary of HBOS plc.

Interest Rates

Halifax has a unique interest rate program for its homeowner loans. You can select your own rate depending on your personal circumstances. The fixed rate mortgages will not change, and Halifax bases their tracker rate mortgages on the Bank of England Rate.



Apply For a Free Quote Now »




Other Lenders

  1. Amigo
  2. Freedom Finance
  3. Loans co uk
  4. Fair & Square
  5. First Plus
  6. Ocean Finance
  7. Nationwide
  8. GE Money
  9. Asda Loans