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Halifax green lights product transfers during payment holiday

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  • 09/04/2020
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Halifax green lights product transfers during payment holiday
Halifax Intermediaries has given the green light to product transfers for borrowers who are on a mortgage payment holiday.

 

Ian Wilson, head of Halifax Intermediaries, said: “Being there for our customers and intermediaries when they need us is our priority and we’re working hard through these unprecedented times to continue supporting the market. This next step helps provide greater choice for customers and we are proud of our colleagues for all the work they are doing every day to deliver for intermediaries in challenging times.”

The lender told brokers to follow its standard product transfer process.

The new rate will still begin on the first day of the following month or a future date aligned with the end of the borrower’s deal.

The transfer will offer and complete as normal, unaffected by the payment holiday.

Following Chancellor Rishi Sunak’s announcement that banks would offer borrowers a three month holiday to those facing financial difficulty because of the spread of coronavirus, brokers found that some lenders would not allow a homeowner whose deal ended during the payment freeze, to switch to a new rate.

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