Mortgage bulletin – Halifax removes fees on remortgage products

Effective immediately, major lender Halifax has scrapped upfront fees on a range of two-year fixed-rate remortgage products. This comes after an announcement last week that Halifax was reducing interest rates on all its two-year fixed and tracker rates for remortgage customers by 0.20%.

Halifax estimates that this could save up to £1,760 for the average remortgage customer, factoring in product fees, a mortgage account fee, standard legal fee and valuation fee.

The range of two-year fixed remortgage products benefitting from this new deal are:

• 3.94% for loan-to-value (LTV) of up to 60%
• 4.24% for LTV of 60% to 75%
• 4.94% for LTV of 75% to 80%
• 5.24% for LTV of 80% to 85%

Stephen Noakes, Mortgage Director at Halifax, says: "The attraction of remortgaging is the peace of mind it provides homeowners of knowing exactly what you are going to pay each month. Upfront costs can add up when remortgaging, [and] unlike new buyers who factor in these costs, homeowners looking to remortgage can sometimes get caught out. By offering this to our remortgage customers we are helping alleviate the associated costs with remortgaging."

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