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Halifax set for first flexi loan

Halifax is planning to offer a fully flexible mortgage for the first time later this year. The product is described by head of intermediary markets Jack Saxton as being halfway bet-ween a standard mortgage and an offset.

It is expected to have all the usual flexible features, including the possibility of making lump-sum payments and taking payment holidays.

Halifax has not included a single fully flexible product in its range before although it says there are elements of flexibility across its range and the new product will pull these together. The firm says the move stems from demand by intermediaries and borrowers, who are looking for a mortgage suitable for all stages of their lives.

Halifax will be following in the footsteps of Abbey which released a flexible product last June that it described as flexible loan with a savings offset feature. Saxton says: “We have firm plans to release a mortgage that is a halfway house bet-ween a bog-standard mortgage and an offset.”

Mortgageforce managing director Rob Clifford says: “This will be well received by brokers. It will help the cause of the flexible mortgage market if Halifax has a serious offering – the minute that such a high-profile player enters the market, volume will increase significantly, not only for Halifax but also for the whole flexible mortgage market.”

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