Halifax want to give new homeowners £600

1 August 2011

PF-halifax-sign-2_1383848cBuying a house for the first time isn't easy. It's mainly thanks to no-one having the money for a deposit. However, Halifax are trying entice people toward them like particularly drably dressed sirens with an offer of £600, provided you do your saving and borrowing with them.

Anyway, first-time buyers who take part in the Halifax's Head Start Home Saver scheme will pocket £600 if they pay into a savings account for 10 months in a 12-month period. The offer/bribe will be put into their account only when they take out a first-time buyer mortgage.

The first-time buyer mortgage range currently includes a two-year fixed-rate loan with a rate of 3.79% for borrowers with a deposit of up to 20% of the purchase price, a rate of 4.64% for those with a deposit of between 15%-20% and a rate of 5.99% for those with a 10% deposit, according to The Guardian.

This deal is similar to the one being offered by Nationwide, as well as the promotion from the Chelsea building society, which offers a rate of 4.39% for two years with a £195 fee and £500 cashback. That said, opening the savings account would not guarantee you a mortgage.

All the Halifax need to do now is to promise to kill those terrible, terrible adverts off too.

TOPICS:   Banking   Investments   Home   Mortgages

5 comments

  • The B.
    I bet they don't advertise the free lifetime of misery that comes with having a Halifax account.
  • Howard a.
    I'd definitely nail the woman in the Halifax' Ice Ice Baby advert.
  • ShakesHeadSadly
    £600? Really? Cheers for that. Didn't I read somewhere that the average deposit for a house is now £30,000? £600 will make a big difference. T055ers. (£600 that'll be swallowed up in interest in the first 3 seconds of owning a halifax account opposed to one from a decent lended.. so also, thanks.)
  • Alexis
    You have to put £150 a month in the savings account, so £1500. And then they'll give you £600. Most people will probably just stick the £600 straight in the savings account to prevent them having to cough up the full £1500! This is a very very longwinded way of making £25 savings interest.
  • james D.
    Is this before or after you give them 1k for the mortgage product fee

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