Halifax Equity Release Reviews (Updated 2022)

Do You Want to Fund Your Retirement With Halifax Equity Release?
Contributors: Nicola Date, Katherine Read. Edited by Rachel Wait & Reviewed by Francis Hui
Are You Considering Halifax Equity Release for Your Retirement? Discover the Pros, Cons, Fees, Interest Rates & Products on Offer. Get All the Answers You Need Here.

You’re heading into retirement and are considering releasing equity from your home with Halifax equity release to fund your everyday living costs. 

Your natural first step would be to contact your existing, well-trusted bank to explore your options. 

But is your bank the right choice when it comes to equity release? 

As experts in our field, we discuss the following in this article:

    As equity release experts, we’ve researched the market extensively to discover who you can count on when it comes to releasing equity. 

    Is Halifax going to be the answer to your equity release goals?

    Let’s find out! 

    Before You Start Reading….

    Let’s See How Much You Can Release 👇

     

    Equity Release Calculator

    Value of Your Home?

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    Who’s Halifax?

    Halifax is a British bank that now forms a Bank of Scotland plc division and falls under the Lloyds Banking Group umbrella. 

    It’s a household name in the banking industry.

    Formed in 1853 as a building and investment society, Halifax evolved into a building society1 plc in 1928, and in 1997 was the fifth-biggest bank in the UK. 

    Halifax and Bank of Scotland merged in 2001 to form Halifax Bank of Scotland (HBOS), which Lloyds TSB then acquired in 2009.

    Why Consider Halifax?

    Consider Halifax as a financial service provider due to its longevity, range of deals, and professionalism. 

    Here are some more reasons:

    • It offers a wide range of mortgage deals.
    • Its mortgages provide various features, making them flexible and easy to manage. 
    • Halifax offers a range of professional services for every step of your mortgage journey.
    • You can apply for a mortgage online, over the phone or in person.

    Does Halifax Offer Any Equity Release Product?

    Halifax doesn’t directly offer any equity release products, but it’s partnered up with Scottish Widows Bank, who’ll be able to help. 

    To qualify for a Scottish Widows equity release plan, you need to meet the following criteria:

    • You are aged between 55-85
    • The loan is taken out against your primary residence.
    • The property you’re borrowing against is in England, Scotland or Wales.
    • You own the property.

    What Products & Services Does Halifax Offer?

    Halifax offers a range of products and services, including bank accounts, insurance and loans. 

    Here is a complete list of what Halifax can offer you:

    • Bank accounts
    • Individual Savings Accounts (ISAs)2
    • Savings
    • Investing
    • Credit Cards
    • Loans
    • Home Insurance
    • Mortgages
    • Insurance

    Does Halifax Have an Equity Release Calculator?

    No, Halifax doesn’t have an equity release calculator as it doesn’t directly offer any equity release plans. 

    There is, however, our online calculator that’ll help you determine the best deals and how much cash you may be able to release from your home. 

    Before You Start Reading….

    Let’s See How Much You Can Release 👇

     

    Equity Release Calculator

    Value of Your Home?

    50000

    Drag me

    100% Secure & Fast

    It’s VERY FAST, takes just 8 seconds

    What Are Halifax’s Equity Release Interest Rates?

    Although Halifax doesn’t offer equity release plans, all of Halifax’s mortgages revert to a tracker rate after a fixed period. 

    The tracker rate is currently 5.34%, and it tracks at +4.34% above the Bank of England Bank Rate.

    What Are Halifax’s Fees?

    Halifax imposes fees on some of its accounts and some of the unique services across its accounts. 

    Here are the fees in more detail:

    Account Fees:

    Depending on the type of account you take out with Halifax, you may be liable for fees. 

    • The Ultimate Reward Current Account has a monthly maintenance fee of £17.
    • The Reward Current Account has a monthly maintenance fee of £3 or No cost.

    Fees for special services:

    Some services offered by Halifax will incur a cost. Such as:

    • Stopped cheque – No fee
    • Banker’s draft – No fee
    • Bank reference – £10 (not charged if you are under 18)
    • Extra statement – £5
    • CHAPS (Clearing House Automated Payment System) payment – £25
    • Foreign currency – No fee
    • Foreign cheques – No fee

    Other fees:

    There may be additional fees involved in certain types of payments. Such as:

    • A transfer of money in a foreign currency or outside the UK
    • The receipt of electronic payments in a foreign currency or from outside the UK
    • Use of any cash machines that aren’t Halifax or Bank of Scotland.

    Halifax Reviews 

    Halifax hasn’t received the best reviews online, with its customer service and fraud team being the most criticised. 

    Read more reviews here:

    Halifax Complaints

    Many of Halifax’s complaints are based on poor customer service and a lack of assistance in problem-solving. 

    To register a complaint about your experience with Halifax, you can do so in the following ways:

    • Over the phone.
    • Via its mobile banking app.
    • In branch. 

    Halifax Contact Details

    Halifax Contact Numbers

    • Bank accounts and overdrafts – 0345 720 3040
    • Savings – 0345 726 3646
    • Credit Cards – 0345 944 4555
    • Personal Loans – 0345 604 7292
    • Car finance – 0333 202 7967
    • Insurance – 0345 987 5347
    • Investing – 0345 722 5525
    • Online banking – 0345 602 0000
    • Lost and stolen cards – 0800 0 15 15 15

    Halifax Physical Address

    Halifax Head Office

    6 Trinity Rd,

    Halifax

    West Yorkshire

    HX1 2RG

    Halifax Jobs

    Halifax often advertises available jobs3 on its website. 

    The roles you could apply for include:

    • Banking Consultants
    • Customer Service Assistants
    • On-Call Customer Assistants
    • Mortgage and Protection Advisor
    • Branch Manager

    How Did We Review Halifax

    We are not affiliated, associated, endorsed, or otherwise connected with Halifax and can offer you an unbiased opinion.

    Our dedicated research team has scrolled through hundreds of online Halifax reviews and information pages and consolidated all of their findings into this article for your benefit. 

    Common Questions

    Is the Halifax Equity Release Plan Still Available for Pensioners?

    Does Halifax Hold a Membership With the Equity Release Council?

    Who Owns Halifax?

    Where’s Halifax Located?

    Does Halifax Offer Retirement Mortgages?

    In Conclusion

    Halifax is a well-known banking brand with a solid reputation behind it. 

    Sticking to one bank for all of your financial needs is often a good idea. 

    If you bank with Halifax, though, we would recommend contacting a whole-of-the-market equity release adviser who’ll be able to assess your circumstances and recommend a suitable provider and plan. 

    Although there are not Halifax equity release plans, you can get a plan through Scottish Widows. 

    Before You Go…

    Use the FREE Calculator Below 👇

     

    Equity Release Calculator

    Value of Your Home?

    50000

    Drag me

    100% Secure & Fast

    It’s VERY FAST, takes just 8 seconds

    Editorial Note: This content has been independently collected by the EveryInvestor team and is offered on a non-advised basis. EveryInvestor may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.