Halifax launches combined product transfer and further advance application process

Halifax Intermediaries recently launched a new further advance application process to better support existing Halifax mortgage customers looking for additional borrowing. 

From today, further advances where a product transfer is also required will now follow the same new and improved process. 

Brokers can apply for additional borrowing, amend the term of the existing sub-accounts if required, and where eligible include a product transfer to select a new product for those sub-accounts.

The new application process offers instant decisioning with a Decision in Principle that has a ‘soft footprint’ credit search. Brokers can create and review illustrations instantly, save and resume keying, and have the ability to amend the loan amount and other details before submitting the application in full.

The online system fact find questions will automatically determine if an application can follow the new process. A small number of applications will follow the previous process where the application needs to be fully submitted, and brokers will then receive an email update with a decision and the mortgage illustration. 

Amanda Bryden, head of Halifax Intermediaries and Scottish Widows Bank, said: “We've been working with brokers to streamline the product transfer and further advanced application where they are taken together, making the process better for them and for Halifax mortgage customers. 

"Following a successful trial, these applications will now follow the same improved process we launched in September for further advances - making it easier for brokers helping customers meet their financial needs and improve their homes, at the same time as securing a new deal.”