Clydesdale Bank also announces rate cuts

Halifax Intermediaries has announced changes to its mortgage product range, effective from tomorrow, February 5, with both rate increases and reductions across various offerings.
For remortgage products, the lender is raising rates on 1.5-year fixed rate deals by up to 0.07%, while other selected products will see rate reductions of up to 0.30%.
Home movers and first-time buyers will also benefit from rate cuts on select products, with reductions of up to 0.11%. In addition, product transfer and further advance products will see rate reductions across the range, with some cuts reaching as much as 0.30%.
Meanwhile, Clydesdale Bank has also announced rate reductions across several mortgage products. The changes, also taking effect tomorrow, will apply to its core range, product transfer options, exclusive deals, and professional range offerings.
In the core product range, selected two- and five-year fixed rates for large loan and interest-only residential mortgages will decrease by up to 0.28%. For existing customers looking to switch deals, selected two- and five-year fixed rate product transfer options — including fee and fee-free offers — will see reductions of up to 0.18%.
Exclusive mortgage products will also be adjusted. Two- and five-year fixed rates for 75% and 80% loan-to-value (LTV) remortgage exclusives will drop by up to 0.10%. Selected large loan exclusive rates in the same terms will be cut by up to 0.28%. The lender is also reducing 65% LTV product transfer exclusive rates by up to 0.16%, while professionals seeking mortgage deals will see reductions in selected two- and five-year fixed rates at 65% LTV, with decreases reaching up to 0.24%.
The move follows similar rate reductions from Barclays earlier today, reflecting ongoing shifts in the UK mortgage market as lenders adjust pricing in response to changing economic conditions and borrowing trends.
“With swap rates continuing to decline, lenders should have scope to reduce mortgage rates further,” said Nicholas Mendes, mortgage technical manager at broker John Charcol. “Lower interest rates help to ease borrowing costs, making mortgages more affordable and reducing financial pressure on both existing homeowners and prospective buyers.
“However, other factors — such as lender margins, inflation, and broader housing market conditions — will also influence how quickly and significantly mortgage rates fall.”
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