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Halifax retention scheme criticised

Halifax’s mortgage retention scheme has been criticised by brokers for offering poor rates.

Intermediaries say its prices do not stand up against many of its competitors.

One broker says: “There is such a huge chasm between Halifax’s rates and the rest so I cannot imagine it is doing much business. BM Solutions and Bank of Scotland have better rates.”

John Charcol senior technical director Ray Boulger says initial products were poor but the rates have improved. He reveals that less than 10 per cent of Halifax clients remortgaging with Charcol were retained initially but that figure is rising. He says: “Their product transfer rates were pretty naff but it has been finetuned. I suspect smaller brokers and those with a panel will do more business with Halifax.”

A two-year fixed-rate rem-ortgage is available at 5.29 per cent with a £799 arrangement fee. A two-year tracker is base plus 0.19 per cent.

Halifax spokesman Paul Fincham says: “We are satisfied with how the products have been received.”

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