Halifax Equity Release is on the radar for countless homeowners, especially given that 30% of equity releases in the UK were used for home renovations and improvements in 2022.¹

This trend highlights the dynamic ways homeowners are leveraging the value locked in their properties. 

Could this be you?

In this review, our expert researchers give you an in-depth look into Halifax's profile, standout offerings, and position in the equity release landscape.

NB: Fundweb is an unrelated and independent 3rd-party provider, and the information provided in this article are the opinions of Fundweb only and may not reflect the views of Halifax. This article is not to be construed as advice, nor is it a solicitation to enter any financial product provided by Halifax.

What Is Equity Release For Property?

In practical terms, equity release for property allows homeowners to turn their property into a liquid asset, providing a financial cushion during retirement.

Who Is Halifax Bank?

Halifax, a trading arm of the Bank of Scotland, operates under the umbrella of the Lloyds Banking Group.² 

From its humble beginnings in 1853 as a building society, Halifax has evolved significantly over time.³ 

After merging with the Bank of Scotland in 2021 to form HBOS plc, it is now the UK’s 5th largest financial services provider.⁴

What Services Does Halifax Offer?

Halifax provides a wide range of financial solutions.

These include:

• Business-centric financial solutions
• Personal financing options like loans
• Bank and credit card accounts
• Investment instruments such as ISAs and investment accounts
• Mortgage services
• Services centred around travel, mental health, accessibility, serious illness, and bereavement
• Insurance products for home and vehicle

Can I Get Equity Release with Halifax?

No, Halifax does not offer the best equity release plans and does not directly extend equity release products, those interested in lifetime mortgages will be directed to Scottish Widows, a Lloyds Banking Group subsidiary.

Learn More: Scottish Widows Equity Release Review

How Does Halifax Stack Up Against Its Peers?

While Halifax often presents competitive mortgage deals, its customer satisfaction metric, as assessed by Which? in 2022, ranks it as average compared to other mortgage lenders. 

However

It is important to remember that these rankings can change and should be viewed in the context of individual needs.

Calculators Offered by Halifax

While Halifax lacks an equity release calculator, they provide a mortgage one. 

This tool helps prospective borrowers estimate potential loan amounts and understand the implications of mortgage changes.

Try our free one here for individuals keen on an equity release calculator. 

What Reasons Are There to Consider Halifax?

There are many reasons to consider Halifax, including its legitimacy and prominence in the UK financial sector.

Pros include:

• Its varied mortgage offerings 
• Attractive schemes like the Mortgage Prize Draw
• Incentives such as the Green Living Reward, which encourages eco-friendly home enhancements.⁵

What Are the Downsides When Considering Halifax?

Although Halifax is a well-established brand in the UK, there are some downsides to consider, like costs associated with its various products.

Other cons include:

• It does not offer equity release directly
• Halifax customers can only access lifetime mortgages via Scottish Widows
• It does not have good reviews for customer service on TrustPilot

Customer Reviews and Feedback on Halifax

Feedback on TrustPilot about Halifax is not overwhelmingly positive.

SmartMoneyPeople.com, however, highlights excellent customer service and notable account perks.

How Did We Review Halifax?

We reviewed it based on the following:

• Variety in Product Offerings: We give precedence to companies presenting diverse equity release schemes and exhibiting extensive product versatility.
• Technological Advancement and Innovation: We ascertain whether the company has adopted innovative technologies and offers a streamlined digital application procedure.
• Financial Robustness: A company's ability to demonstrate sustained financial vigour and sufficient resources to honour long-term obligations is essential.
• Transparent and Competitive Pricing: We scrutinise companies to confirm they offer competitive rates relative to industry norms and maintain absolute clarity regarding fees, ruling out any undisclosed costs.
• Compliance and Ethical Standards: Our consideration is limited to companies that strictly adhere to established industry norms and ethical guidelines.
• Availability and Quality of Customer Support: The accessibility, responsiveness, and quality of customer support are vital, along with providing online educational content and practical tools such as calculators.
• Customer Experiences and Resolution of Grievances: We give attention to client success stories and the mechanisms in place for addressing and resolving complaints.
• Reputation Amongst Peers and Industry Insight: The standing of a company within the wider industry, as gauged by peer evaluations, is a determining factor.
• Historical Presence and Reputation: We assess a company's duration in operation, scrutinise customer opinions, and note any accolades earned within the sector.

Regulatory Information

Halifax is regulated by these 2 industry bodies: 

• Financial Conduct Authority (FCA)
• Prudential Regulation Authority (PRO)

Financial Conduct Authority (FCA)

It is one of nearly 50,000 businesses in the UK regulated by the Financial Conduct Authority (FCA)⁵ to ensure good conduct by the financial services sector. 

Since it is a subsidiary of the Bank of Scotland, the FCA registration for Halifax is the same as that of the Bank of Scotland and is permitted to provide financial services for banking, insurance, pensions, and investments.

Prudential Regulation Authority (PRA)

The firm is also a member of the Prudential Regulation Authority (PRA),⁶ which forms part of the Bank of England and is responsible for supervising financial service providers to ensure products are offered safely and soundly.

How Halifax Handles Complaints and Disputes

Halifax has various channels for customers to register their complaints.

These include:

• Phone: 0800 096 1382 or  +44 (0)113 366 0167
• Secure online form
• Writing: Head of Customer Services, Halifax, PO Box 761, Leeds LS1 9JF.
• Branch
• Mobile app

Contact Halifax

You can contact Halifax in various ways, including telephonically or in writing:

Here is how to obtain in touch:

• Secure calls using its mobile app
• Branch
• Telephone banking 
• Phone: +44 800 072 9779
• Writing:  PO Box 548, Leeds, LS1 1WU

Common Questions

Conclusion

While Halifax may not offer these products directly, its association with experts in the field ensures that customers receive the guidance and services they deserve. 

If you are considering this avenue, do not hesitate to consult a specialist to ensure you make informed and beneficial decisions tailored to your unique financial needs.

Navigating the intricacies of Halifax Equity Release is worth considering if it could offer you a path to financial flexibility and growth.