Can I Transfer My Halifax Retirement Home Plan Mortgage if I Move House?September 13th, 2013
The Halifax Retirement Home Plan proved to be immensely popular when it was available up until 2011. However, in spite of this demand, the plan had to be withdrawn from the market and is no longer available to new applicants.
Existing Halifax equity release customers can however still amend their contract under certain circumstances. Moving to a new property is a valid reason for an existing customer to amend their contract. And the short answer is that ‘yes’, Halifax will allow existing customers to transfer their Halifax Retirement Home Plan to a new property and retain their existing deal. However, moving to a new property will involve costs such as valuation fees, a new application fee and solicitors’ fees which will have to be met by the clients.
Depending on their income and need, it may also be possible for existing plan holders not only to move their existing plan to the new house, but also consider borrowing additional funds to complete their purchase.
The Halifax Retirement Home Plan was withdrawn in August 2011, and Halifax has not taken up any new customers since then. The plan is unique in its flexibility and attractive rates, and its withdrawal left a huge void in the retirement sector which is only just being filled up by new interest only lifetime mortgages. It is advisable for clients who already have a Halifax Equity release plan to try and keep it at all costs, because once repaid, it can never be reapplied for!
As mentioned earlier, existing customers can amend their existing plan under certain circumstances – including moving house, downsizing, and additional borrowing by way of a further advance.
It is important to remember that while the Halifax Retirement Home Plan can be transferred to a new property, providing the property meets all the required criteria, the interest rates on interest only re-mortgages are very likely to be far less competitive than the original rates when the scheme was openly available. The same is likely to be true also for any additional further advances that the client may wish to apply for.
If you own a Halifax Retirement Home Plan and you wish to switch it or possibly want to listen to alternative options/plans then ring our specialist team on our freephone number 0800 678 5159.