Halifax

Notes: The following information is provided by a third party organisation. We have not verified this information with the lender. Ask your broker to confirm any aspects that are important to you. The main features of this mortgage will be confirmed in the Key facts Illustration. Please ask your broker for a Key facts Illustration

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Advances

Up to £500,000 85% LTV
Up to £1,000,000 75% LTV

Notes

Mortgage is Portable, Mortgage is Flexible, Under payments allowed., 10% Overpayments allowed per year.
Your special rate mortgage product is portable.
When the special rate period has ended the interest rate that applies to that part of the mortgage is not portable.
If you need to repay your mortgage to move home during the initial mortgage product (special rate), provided you do not change lender (and, where the lender provides mortgages under more than one brand, you do not change brands), you will usually be able to take the terms of the initial mortgage product with you and they will continue for the remainder of the initial product period. In addition, if this is during an early repayment charge period; provided you borrow the same or a greater amount, you won’t normally have to pay the charge. If the loan is for a smaller amount, you may have to pay part of the charge.
Further information regarding portability can be found in the section headed 'Early Repayment Charges' in the booklet 'Information about your mortgage' which the lender issues with mortgage offers.


This product is available to Retirement Home plan customers up to a maximum of 75%.


ONLY AVAILABLE WHEN TAKEN ON A CAPITAL & INTEREST BASIS.

This product is not available to Shared Equity/Ownership customers, please see Affordable Housing range.


The maximum LTV for Second Home Loans and  is 75%.

Payment Holidays Allowed. You may make a request to suspend payment of all or part of your monthly payment for one or more months (take a payment holiday), provided that you meet the policy criteria in force at the time of your request. Details of the current policy criteria can be found in the booklet ‘Information about your mortgage’ which is issued with the mortgage offers but you should ask for details of the latest criteria when you make your request.

You are able to make lump sum or regular overpayments to this mortgage at any time. For details of any early repayment charges that may apply please refer to Section 10.
Currently, as a concession, in any 12 month rolling period you may repay up to 10% of the amount outstanding on your mortgage product without having to pay an early repayment change. Halifax reserves the right to change or withdraw this concession.
The lender’s daily interest method will apply and the interest charged takes account of any changes in the mortgage debt from day to day. Any lump sum or regular overpayments made by direct debit will immediately reduce the balance debited to the mortgage account. Where a payment is made in any other way, it will reduce the balance debited to your mortgage account within three working days of receipt.

You pay less than the normal monthly payment for one or more months or miss one or more monthly payments (make underpayments), provided you have previously made overpayments and the amount of the underpayments does not exceed the amount of your previous overpayments less any amount you have previously underpaid. You must give notice of the months in which you wish to underpay.
Where your monthly payment and/or your mortgage term are changed (for example, following an interest rate change) and the change takes any previous overpayments into account, then those overpayments will no longer be available for the purpose of making underpayments.

The availability of the mortgage product chosen is based on the amount of loan as a percentage of the value of the property. Changes to the loan amount or the property value could alter the availability of this product. If this is the case, please ask for a revised illustration.

ONLY AVAILABLE WHEN TAKEN ON A CAPITAL & INTEREST BASIS.

Capital Rest Period : Daily

Repayment Types
Repayment Yes
Endowment No
PEP No
Pension No
Interest only (no RV) No
With Profits No
Unit Linked No
ISA No
Split Repayment No

Fees

Arrangement : refer
Booking : refer

Early Repayment Charges
refer 10% capital repayments allowed per year without penalty

Higher Lending
None

Valuation
Basic:
upto £50,000 - £240
upto £100,000 - £280
upto £150,000 - £315
upto £200,000 - £355
upto £300,000 - £430
upto £400,000 - £500
upto £500,000 - £565
upto £600,000 - £620
upto £700,000 - £680
upto £800,000 - £735
upto £900,000 - £790
upto £1,000,000 - £845
upto £1,200,000 - £960
upto £1,400,000 - £1070
upto £1,600,000 - £1185
upto £1,800,000 - £1295
upto £2,000,000 - £1410
upto £2,200,000 - £1520
upto £2,400,000 - £1635
upto £2,600,000 - £1745
upto £2,800,000 - £1860
upto £3,000,000 - £1970
upto £3,200,000 - £2085
upto £3,400,000 - £2195
upto £3,600,000 - £2310
upto £3,800,000 - £2420
upto £4,000,000 - £2535
upto £4,200,000 - £2645
upto £4,400,000 - £2760
upto £4,600,000 - £2870
upto £4,800,000 - £2985
upto £5,000,000 - £3095
upto £5,500,000 - £3375
upto £6,000,000 - £3660
upto £6,500,000 - £3940
upto £7,000,000 - £4220
upto £7,500,000 - £4505
upto £8,000,000 - £4785
upto £8,500,000 - £5065
upto £9,000,000 - £5345
upto £9,500,000 - £5625
upto £10,000,000 - £5910

Homebuyers:
upto £100,000 - £460
upto £150,000 - £490
upto £200,000 - £540
upto £300,000 - £660
upto £400,000 - £790
upto £500,000 - £930
upto £600,000 - £1070
upto £700,000 - £1210
upto £800,000 - £1350
upto £900,000 - £1490
upto £1,000,000 - £1630
upto £1,200,000 - £1830
upto £1,400,000 - £2030
upto £1,600,000 - £2230
upto £1,800,000 - £2430
upto £2,000,000 - £2630
upto £2,200,000 - £2830
upto £2,400,000 - £3030
upto £2,600,000 - £3230
upto £2,800,000 - £3430
upto £3,000,000 - £3630
upto £3,200,000 - £3830
upto £3,400,000 - £4030
upto £3,600,000 - £4230
upto £3,800,000 - £4430
upto £4,000,000 - £4630
upto £4,200,000 - £4830
upto £4,400,000 - £5030
upto £4,600,000 - £5230
upto £4,800,000 - £5430
upto £5,000,000 - £5630
upto £5,500,000 - £6130
upto £6,000,000 - £6630
upto £6,500,000 - £7130
upto £7,000,000 - £7630
upto £7,500,000 - £8130
upto £8,000,000 - £8630
upto £8,500,000 - £9130
upto £9,000,000 - £9630
upto £9,500,000 - £10130
upto £10,000,000 - £10630

Min Valuation £40000
For products that allow fees to be added to the loan, interest is calculated at SVR, not product rate. This will not be reflected in the illustration.

For properties valued over £10m, please refer to Halifax for fee.

The lender will add the Mortgage Account Fee to the loan and for a repayment mortgage will include an element of it within the monthly payments to be repaid over the term. No interest will be charged on this fee.


Lender Conveyancing Fee - £161.27 Payable on completion. A non refundable legal fee to your conveyancer for work carried out on our behalf payable before the mortgage completes. The figure is an estimate and does not cover work done on your behalf or fees paid to others such as search fees.
Repayment Administration Fee - £0.00 Payable on early redemption.
Mortgage Account Fee - £245.00 Payable on completion. A Mortgage Account Fee is payable on completion. The fee will be added to the loan. The fee is to cover the setting up, routine maintenance, and closing down of the mortgage account. The fee is non refundable.

Acceptable Property Types

Freehold Flat Refer
Purpose Built Flat Yes
Converted Flat Yes
Flat Over Shop Refer
Maisonette Yes
Studio Flat Yes
Flying Freehold No
Thatched Refer
Timber Framed No
Concrete Refer
Agricultural Tie No
Flat Over 4 Storeys Yes
Listed Building Yes

Max Discount% 100
Max Market Value% 95
New Build acceptable.
New build mainstream lending (houses and flats) is acceptable up to a maximum of 80% LTV.

Builder/Vendor deposit max acceptable 5% of lower purchase price or property value.

Builder Cash Incentives in excess of this figure may result in a reduction in the maximum loan available.

Self-Builds are considered up to a maximum of 80% LTV or the product maximum, which ever is lower. Flats, maisonettes and semi-detached properties are not accepted. The loan is released in instalments; please see Halifax-intermediaries.co.uk for full criteria.

Where existing property is to be rented out- the existing mortgage debt may be disregarded providing the rental income covers at least 125% of the annual interest charged on the existing mortgage debt at the Halifax Standard Variable Rate. The property letting should be managed by an ARLA agent or HEAL who must confirm there is sustainable rental market for this type of property. If the letting is not being done through ARLA/HEAL the case must be referred to Halifax for a decision whether to proceed. Please refer to lender for further details.


Accepted Locations : England, Scotland, Wales, N Ireland

Requirements

Bank Statements 3 months
At Least 3 Months Pay Slips Yes
P60 Yes
Proof Of Residency Yes
Life Policy To Be Assigned No
Previous Lender References No

Insurance
Buildings Conditional

Conditions On Loan
Min Loan
Max Loan £1,000,000
Max Portfolio of BTL Loans none
Min Age 18 years
Max Age 75 years
Min Term none
Max Term 40 years

No maximum age - An assessment/evidence of stated retirement income may be required where the term exceeds the applicant(s) 65th birthday.

Minimum trading period for self employed is 1 year and a projection.

The policy relating to the Mortgage Products of existing borrowers moving home has been changed. Customers on annual interest rate products with early repayment charges will now have several options on their existing products: 1) Port the product on an annual interest basis and top up with one of the annual interest products from the current range; or 2) Change the interest calculation method to daily interest and top up with one of the daily interest products from the current range; or 3) If their product has finished, but they are still within a tie in period, they can choose entirely from the new product range and the early repayment charges will be waived; or 4) Pay the early repayment charges and choose entirely from the new product range.
Customers on a daily interest product can port that product over, and top up with a daily interest product from the current range. This is not an exhaustive list of scenarios. Speak to your Intermediary Sales Manager with any queries.

Halifax does not lend in Jersey.

Foreign Citizens Refer
Ex-Patriates Refer

Income Multipliers
Based on Income > 0
4.5 + 1 or 4 joint

Min months in current position none
Min months in continuous service none
Min no. of years accounts 3
Average years taken to calculate income 2
Will consider declining profit Refer

Outgoings
Employed:
PASS A UP TO 85% LTV - Income confirmation is not usually required.
PASS A MORE THAN 85% LTV AND ALL PASS B - Either, latest monthly payslip or latest 2 weekly payslips or if bonus/overtime/commission is being used, latest payslip plus P60 which confirm current levels of pay.
ALL PASS C - 3 In all instances the following are required:
3 months personal bank statements plus either, latest monthly payslip or latest 2 weekly pay slips or if bonus/overtime/commission is being used, latest payslip plus P60 which confirm current levels of pay.

ALL CASES (PASS A, B & C) ABOVE £500k - Referred for underwriting and income confirmation will be determined and requested as required.

Self Employed

PASS A UP TO 65% LTV - Income confirmation is not usually required.
PASS A MORE THAN 65% LTV AND ALL PASS B - Last 3 years tax assessments or letter from accountant confirming income.
ALL PASS C - 3 months personal bank statements and 3 months business bank statements plus last 3 years tax assessments or letter from accountant confirming income or Accounts.
ALL CASES (PASS A, B & C) ABOVE £500k - Referred for underwriting and income confirmation will be determined and requested as required.

Lending based on affordability - please see www.halifax-intermediaries.co.uk for affordability calculator.


Hire Purchase Taken into account
Personal Loans Taken into account
Overdraft Refer to lender
Credit/Store Cards Taken into account
Child Maintenance Taken into account
Child Education NOT Taken into account
Extra Income:-
Other Income - Guaranteed Add 60% to income before multiply
Other Income - Regular Add 60% to income before multiply
Other Income - Irregular Add 60% to income before multiply
Investment Income No
Mortgage Subsidy Add 60% to income before multiply
Large Town Allowance Add 60% to income before multiply
Maintenance Payments Add 60% to income before multiply
Non Contributory Pension Add 60% to income before multiply
Car Allowance Add 60% to income before multiply

Remortgage Max LTV Max% increase

Capital Raising 75%
Home Improvements 75%
Debt Consolidation 75%
School Fees 75%
Holidays/Cars 75%
Buy Other Property 75%
Business Purposes Not accepted
Divorce Settlement 75%
Unencumbered Not accepted


If a customer with shared ownership is remortgaging and buying an additional/final tranche Halifax will charge an additional fee for conveyancing and disbursements, please refer to Halifax for full details.

Remortgage products are not available to unencumbered properties. Mortgage free properties must choose Homemover products.

Adverse Credit

CCJs : Refer to lender
Defaults : Refer to lender
Arrears : Refer to lender
Bankrupt : Refer to lender
Current IVA : Refer to lender
Repossession : Refer to lender


- The Lender will judge customers with previous or existing adverse credit in a flexible manner and every case will be judged on its individual merits, along with the customer's ability to keep up repayments on the mortgage, taking into account his/her existing liabilities.

- The Lender will consider cases of financial difficulty and mortgage arrears sympathetically.

- The Lender follows the general principles of the Council of Mortgage Lenders' Statement of Practice on Handling Arrears and Possessions, including :

a) with your co-operation, developing a plan with you for dealing with your financial difficulties and clearing the arrears, consistent with both your interests and those of the Lender.

b) possession of your property will be sought only as a last resort when attempts to reach alternative arrangements with you have been unsuccessful.