Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Halifax Raises Premier Large Loan Threshold to £650,000
Halifax Intermediaries will increase its large loan threshold on the Premier range from £500,000 to £650,000, effective 27 July. The change is intended to address the evolving large loan market in the UK.
According to Halifax, the Premier large loan team will now support mortgage applications of £650,000 and above, replacing the previous £500,000 threshold. The lender stated that house prices across the UK have increased significantly over the past nine years, with many markets seeing growth of around 25% to 30%.
Halifax indicated that the current £500,000 threshold no longer accurately reflects the starting point for higher-value lending. The lender also noted that customers borrowing between £500,000 and £649,999 can be effectively supported through its standard residential proposition, without the need for the additional specialist support provided by its large loan service.
This update may be relevant for letting agents and inventory clerks working with clients in higher-value property markets, as it reflects ongoing changes in lending criteria and property values.
Source: Mortgage Strategy