When researching Halifax equity release, it is important to understand that the bank does not offer this service, but you can access it through Scottish Widows.

Halifax is one of the UK's most recognised high street banks and, along with Scottish Widows, is a significant member of the Lloyds Banking Group, which boasts total assets of £886.5 billion.¹

These affiliations highlight the diverse range of products within the Lloyds Banking Group ecosystem.

The BankingTimes team consistently invests in comprehensive research, using top-tier resources and staying abreast of market trends. 

We are confident that the information we provide is both accurate and representative of the current financial landscape.

Read our review of Halifax equity release here.

STATEMENT: BankingTimes is a separate third-party information provider and therefore not related to Halifax, and the information replicated in this section represents the interpretations of BankingTimes only and not the opinions of Halifax. This piece does not constitute advice, or an incitement to enter any services or products provided by Halifax.

About Halifax

Founded in 1853 in its namesake town in West Yorkshire, Halifax began life as a building society to assist local people in owning their homes,² and has grown into one of the UK’s most prominent high street banks.

It is a member of the Lloyds Banking Group, which has around 27 million customers,³ and offers a full bouquet of retail financial services.

Does Halifax Offer Equity Release?

No, Halifax does not provide these plans directly, but Scottish Widows does, and its products are available at Halifax branches.

Founded in 1815, Scottish Widows boasts a rich history in the financial sector, providing a range of products including retirement plans, investments, and life insurance.⁴ 

What Is the Customer Feedback on Halifax Equity Release?

Customer feedback on Halifax Equity Release reveals a high level of satisfaction among its users.

Many have praised its competitive interest rates, flexible terms, and the helpfulness of its customer service team.

The ease of the releasing process and the transparency in dealing with the financial implications has also come into positive light, making Halifax a preferred choice for many.

However, some customers have expressed concerns about the long waiting times to get through to customer service.

While this doesn't detract from the overall positive reception, it's certainly an area where Halifax could make improvements.

Nevertheless, the prevailing feedback suggests that most customers trust Halifax for their equity release needs.

What Are the Costs Associated with Halifax?

Understanding the costs associated with banking at Halifax, including its interest rates and potential hidden fees, is crucial for informed financial decision-making.

How Do Interest Rates and Charges Compare?

The bank offers various services, each with its own interest rates and fees; these rates can be either fixed or variable, affecting the total repayment amount. 

For example:

• If you make use of its Remortgage Switcher Service, your survey and basic legal fees are covered.⁵
• With personal loans, there are not any arrangement fees, but you will be charged a default fee if you miss a payment.⁶
• You will be charged service and investment fees if you open a retirement account.⁷

Understanding the associated fees will help you ascertain whether a product aligns with your financial plans. 

Are There Any Hidden Fees?

To avoid any hidden fees and ensure transparency, you will need to thoroughly review the terms and conditions and consult your financial advisor if there is any uncertainty.

How Safe Is Halifax?

The bank is regulated by the Financial Conduct Authority (FCA)⁸ and the Prudential Regulation Authority (PRA),⁹ which are charged with overseeing standards of conduct and protecting the customer in the financial services sector.

Pros and Cons of Choosing Halifax

It is important to consider both the pros, including its extensive product range, and cons such as its charges to get a well-rounded overview.

Let us take a closer look. 

Notable Advantages

Halifax’s numerous customer benefits could be a suitable fit for you.

These include:

• Comprehensive product offerings: It is a full-service bank with products ranging from savings and credit facilities to insurance and home loans. 
• Online and mobile accessibility: The enhanced digital platforms allow customers round-the-clock account access. 
• Rewards and cashback: Certain accounts offer bonuses and cash returns, enhancing customer value.
• Inclusivity: The bank actively supports diversity.

Potential Pitfalls and Considerations

It is also wise to have a good look at the potential pitfalls and considerations.

Some of these are:

• Charges: Some specialised services may have higher fees.
• Reduced branches: As the bank shifts to digital, several branches have been shut down, which could be a disadvantage to those who prefer face-to-face banking.
• Pressure on service: Due to the closure of some locations, the remaining branches might experience more strain and longer wait times. 
• Limited advanced tech features: Compared to some digital-only banks, Halifax might lack certain cutting-edge technological innovations that might attract younger customers.

Where Is Halifax Located?

Halifax maintains a network of over 500 branches throughout the UK, with its headquarters situated in West Yorkshire.

As the banking industry increasingly shifts toward mobile services, traditional high street banks have experienced a decline in face-to-face visits. Consequently, Halifax has already closed 18 branches in 2023.¹⁰

What Do Customers Think of Halifax?

At the time of writing, Halifax only has a 1.6-star rating out of 5, from a total of 3,957 reviews on Trustpilot.¹¹

Although this is quite a small sample, given Halifax’s customer base, most of the complaints are related to poor customer service.

Halifax FCA Details

Halifax’s FCA details fall under the Bank of Scotland plc umbrella (ref no. 169628).¹² 

How Can I Contact Halifax?

You can reach out to the bank through multiple channels, including its banking app where you can initiate a chat,¹³ by phone, by visiting a branch, or by sending a letter to Halifax at PO Box 548, Leeds, LS1 1WU.

How Did We Review Halifax?

In our review, we assessed the bank by analysing its array of financial products and examining the enhancements made to its online and mobile platforms. We also scrutinised its fee structure and the supplementary perks provided to customers.

Furthermore

In our independent review of the bank, we considered the potential implications of branch closures on service quality. 

As an integral part of our review, we acknowledged the protective measures in place. Halifax customers are safeguarded by the Financial Conduct Authority (FCA) and other regulatory bodies, which ensures secure and transparent financial transactions.

Disclaimer: We maintain no ties with Halifax and have undertaken this analysis without any monetary compensation.

Common Questions

Conclusion

Halifax, with its rich history and status as one of the UK's leading high street banks, offers a plethora of financial products and services. 

It is essential for customers to understand the associated costs, potential pitfalls, and benefits of banking with the firm. 

When considering any financial product, it is crucial to seek expert advice to ensure informed decision-making. 

Although Halifax equity release is not available, there are other options you could look into to unlock funding in later life.