Halifax makes rate cuts across mortgage range

Changes have been made across the lenders' product range, including to its homebuyer, large loan, new build, remortgage and first time buyer products.

Highlights of the range include a 2-year fixed rate product for purchase priced at 5.14% up to 60% LTV, with a fee of £999, or at 5.40% without the fee.

Lee Gathercole, co-founder at Rebus Financial Services, speaking to Newspage, was upbeat about the reductions and the implications for the wider mortgage market:

“Very welcome news, Halifax seems to be leading the way in 2023 I am pleased to see many of the product reductions are focused on first-time buyers, too. Long may it continue and hopefully other big banks can take note."

Also speaking to Newspage, Ranald Mitchell, director at Norwich-based Charwin Private Clients, added:

"Mortgage pricing continues to move in the right direction with more rate cuts from Halifax. The competition between lenders is red hot currently, which is setting up 2024 nicely. Two big questions: how far will they go and what level of rates will provide the stimulus the housing market so badly needs