How do I take part in the Halifax mortgage prize draw?

Halifax will pay off the mortgage of 10 customers in January after ramping up its prize draw.

The monthly draw, which relaunched in May, sees home loans up to the value of £300,000 paid off by one of Britain’s largest lenders. Alongside it is a draw where 150 winners will get a £1,000 cash prize. 

To qualify, there are a number of hoops to jump, including being a current account customer of Halifax or Bank of Scotland, registering for the draw and being signed up to online banking, as we explain below.

The prize draw will revert back to drawing one winner every month, which has been the format since May.

Russell Galley, managing director of Halifax, said: ‘We’re constantly looking at more ways in which we can reward our customers who rely on us at some of the biggest moments in their lives like buying a home – often the biggest financial commitment people will make.

‘We know that winter can be a particularly expensive time, and this year – more than ever – winning this prize could be truly life-changing. We’re proud to be able to give 10 winners this kind of boost at the start of 2021.’

What are the odds of winning?  

Halifax launched the offer in November 2018. The first draw took place in April 2019, followed by a second one in October 2019. 

This year, it says seven people have had their home loans paid off. 

A Halifax spokesperson adds: ‘In 2020, the prize draw was relaunched and since May 2020, we have had monthly winners and 100 £1,000 winners.’ 

Halifax would not be drawn into revealing how many people take part in this draw. 

They said the reason for this was because the pool changes monthly as people don’t always adhere to the terms and conditions of the prize draw.

Halifax says: ‘We’re unable to put a figure on it as it changes so frequently and any odds provided, even on an estimated basis, could be misleading.’

It is difficult to determine the actual size of Halifax’s mortgage customer base – and calculate the odds of winning – because it is a wholly owned subsidiary of the Lloyds Banking Group.

According to online mortgage broker, Trussle, the Lloyd’s Banking Group doesn’t split out the value of the mortgage book for Halifax but the group’s total outstanding balance for 2019 was £286.4billion and they have a market share of 19.7 per cent. 

The book is set to be considerably bigger this year. Halifax has said it’s seen a huge influx of mortgage applications in the last half of 2020, likely fuelled by the stamp duty tax holiday. 

It said that for the third quarter it saw the highest number of mortgage approvals than at any time since the financial crisis in 2008, with more than £3billion in additional mortgage lending.  

Not a reason to choose a mortgage lender…  

Miles Robinson, head of mortgages at Trussle, says: ‘A mortgage prize draw shouldn’t be the sole reason for why you choose your lender.

‘Halifax is one of the UK’s largest lenders making the chances of winning an offering like this very low.  

‘But, it’s important to remember that while the prize draw sounds exciting, Halifax has many other strings to its bow – such as size, rates available and integrated banking services. 

‘In terms of rates, Halifax is usually in line with market averages and known for adjusting rates dynamically to adapt to various circumstances.

‘When choosing a lender, it’s important to speak to a broker to review your own personal circumstances, enabling you to make an informed decision that suits you long term, as opposed to being drawn into something like a prize draw.’