46% of all Halifax mortgage Product Transfers are now being completed online, six months on from the lender offering the online option.

Faster than remortgaging, Halifax Product Transfers don’t require any additional property valuation; no upfront fees to pay when switching to a new product, and no need for conveyancing. In addition, any Early Repayment Charges which may apply will be waived if the current Halifax mortgage has three months or less to run.

By introducing mortgage Product Transfers online, Halifax has made the process for its customers faster. Customers can input their details, view the mortgages that they are eligible for, and select and request their chosen rate all online. Confirmation of the mortgage selected and the paperwork is then sent by email.

Halifax customers registered for internet banking can see their mortgage account when they login. This provides instant 24/7 access to their current balance, account details, monthly payment amount, interest rate, remaining term and full transaction history.

Craig McKinlay, mortgages director at Halifax, said: “We live in a digital age where tech savvy consumers are demanding the ability to manage an increasing amount of their finances at a time and place that’s convenient for them.

“We’ve seen that this appetite also extends to mortgage product transfers, and our customers have really embraced the ability to switch their Halifax mortgages simply, quickly and cost-effectively online.”