Imagine getting a mortgage, along with couple of months later, it’s repaid in full. What’s more, it’s your bank that’s cleared the biggest debt you’ll ever have.
That dream could be a reality for the three lucky individuals who win Halifax’s new prize draw.
The high-street lender has launched a new competition for individuals trying to get a mortgage between 5 November and 30 December, with entrants set for an opportunity to have as much as lb300,000 of their mortgage paid off.
A lb1,000 cash prize is available for 100 runners-up.
We explain exactly how the prize draw works, who's eligible, and just how Halifax’s mortgage range compares if you’re looking for a great mortgage deal.
Halifax mortgage prize draw: the details
To qualify for the draw, you have to be buying a home, remortgaging or perhaps an existing Halifax customer changing those named on the mortgage.
The qualifying application period is between 5 November and 30 December, but there are other dates to be aware of. You need to register for the prize draw by 31 January, and you have to complete your mortgage by 31 March 2022.
The draw happens on 15 April 2022, when the lucky winners is going to be announced.
The maximum payment Halifax can make towards your mortgage is lb300,000. So, if you borrow many win the prize draw, your balance will disappear by that amount and you’ll keep repayments.
The prize draw is available to customers of Halifax and Bank of Scotland.
Is Halifax a good lender?
Every year, Which? surveys thousands of mortgage customers, asking to rate how satisfied they are using their lender.
This year, Halifax finished 8th from 23 mortgage brokers, with an overall client satisfaction score of 71%.
Customers praised the applying process, but only gave it three stars from five because of its customer service.
Which? analysis has found that Halifax offers far fewer cheap mortgages compared to average lender.
In order to do this, our experts analysed thousands of mortgages over a four-week period in June and July 2022. They compiled a total of 108 'top-10 cheapest deal' tables with different number of borrowing scenarios, and counted how often each lender featured in a table.
The average number of times a lender managed to get into a table was 14, but Halifax didn't feature whatsoever.
Comparing mortgage deals
While the risk of getting your mortgage paid off is enticing, this shouldn’t function as the sole basis which you select a mortgage deal. After all, only one of the thousands of Halifax mortgage customers will in fact win this.
It’s more important to select a mortgage based on the following factors:
Get expert mortgage advice
If you’re looking for a new mortgage deal, independent advice can help you find the correct path for the circumstances.