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Halifax revamp &#39too complex&#39

Halifax&#39s newly relaunched core variable mortgage range has met with little enthusiasm from mortgage brokers who say it is over-complicated.

The new range includes products for first-time buyers, homemovers and people looking to remortgage. Halifax says the revamp is all about choice, so movers can choose a low headline tracker rate with fees, a higher rate with no fees or a combination of both.

For example, they could take out a two year tracker at 0.04 per cent above Bank of England base rate – a current pay rate of 3.79 per cent – at 80 per cent loan to value with a £299 arrangement fee and repayment fees, or at 0.24 per cent above base rate – a pay rate of 3.99 per cent – with no fees.

First-time buyers can take out products from the homemover range or from a specifically designed first-time buyer range. They can choose from one, two or three extras offered, which are refunded valuation, £250 cashback or a conveyancing service.

The rate starts at 0.64 per cent above base rate – 4.39 per cent pay rate – for one extra, then increases to 0.74 per cent above base rate – currently 4.49 per cent – for two, and 0.84 per cent above base rate – currently 4.59 per cent – for three.

Head of mortgage products Craig Donaldson says: “Feedback from customers has shown that they are looking for extra choice and more flexibility between the payable rate and a choice of fees so that they can tailor their own mortgage. We have acted on this feedback so that customers can choose exactly what they need to suit their individual circumstances.”

London & Country mortgage specialist David Hollingworth says: “There are a lot of different products here, which ultimately means that the new range is more confusing.”

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