Martin Lewis Alerts Halifax and Lloyds Mortgage Holders on Rate Changes

Martin Lewis has cautioned Lloyds and Halifax mortgage holders and borrowers following a change in repayment arrangements.

If you are a Lloyds or Halifax mortgage borrower, you will soon be able to secure a new rate for a maximum of four months before your existing agreement expires, down from a period of six months previously.

This comes after Santander and Nationwide shortened their product transfer windows to a period of four months in May and June, respectively. Several lenders, such as; HSBC, Barclays, Virgin Money and NatWest continue to offer consumers a six-month timeframe.

Money Saving Expert, founded by ITV and BBC star Mr Lewis, advised customers nearing the end of their mortgage contract to see how far ahead they may acquire a new rate. This approach applies whether or not you intend to continue with your existing supplier.

MSE had the following to say:

A HSBC spokesperson had the following to say: