‘Over the moon!’ Halifax prize draw could mean you get mortgage paid off

Lloyds and Halifax announce branch closures in 2021

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Mortgage payments can be a substantial financial burden, particularly during the cost of living crisis. Many will be experiencing a squeeze to their finances, and this could be compounded by the large sum they repay on their mortgage.

However, a Halifax prize draw could help Britons in their goal of becoming mortgage free.

Every month, through the prize draw, Halifax pays off someone’s mortgage up to the value of £300,000.

There are also 100 monthly prizes of £1,000 cash issued. 

David and Elaine, a couple from Bedfordshire, were delighted when they clinched the top prize.

They said: “That is life changing, over the moon! This has helped us out and it’s the luckiest thing that has ever happened to us.”

While top prize winner Kay from Nottinghamshire, also remarked: “Winning has been like winning the lottery.

“Not having the financial burden of a mortgage will allow us to do so much more and it will make a significant difference to our family life.”

There are, however, certain eligibility rules to bear in mind when it comes to the prize draw.

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Firstly, individuals will need to have registered for the prize draw in order to take part.

They must also have a Halifax mortgage on their home in England, Wales or Scotland.

People also need to hold an existing Halifax or Bank of Scotland personal retail current account.

They are required to have paid at least £1,500 into it in the month before the draw.

Those who hold more than one eligible mortgage account, Halifax will pay off the one with the highest balance – up to £300,000.

Britons will not qualify for the draw if:

  • They have arrears on their mortgage account
  • Their mortgage is part of Halifax’s Deedstore Scheme
  • The property is or will be let to tenants

Halifax states registering for the prize draw is “easy” and only needs to be done once.

It can be achieved by visiting a local branch, through the app, Online Banking or Mobile Banking.

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In total, Halifax has made 31 of its customers mortgage free so far.

Over £6million has been paid out in total mortgage prize draw prizes, showing how lucrative this could be.

There is no set closing date for the prize draw, and it can end at any time – usually with at least two months’ notice.

Some 101 prizes are given away in a typical month, although the odds of wining change depending on how many entries are received.

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