Halifax brings down mortgage rates

The move is one of a number of improvements the lender has made to its core mortgage range.

Craig Donaldson, Head of mortgage products at Halifax, said:

"A short-term fall in the cost of borrowing from the money markets has enabled us to offer lower rates. We've acted quickly so that our borrowers can benefit immediately."

The highlights are as follows:

First-Time Buyers (FTB)

- The launch of a new Capped Rate Tracker product exclusively for first-time buyers. The new product will be available at Bank of England plus 1 per cent, capped at 5.75 per cent, for three years. This offers the best of both worlds, enabling borrowers to take advantage of low rates with peace of mind that they are protected against future rate rises.

- Extending the term of FTB specific deals from two to three years to help FTBs keep their costs down for longer.

- Removal of arrangement fees on FTB products (except the new Capped Tracker) to help FTBs manage their costs when trying to get onto the housing ladder.

Homemovers

- 2 year and 5 year fixed rates reduced by up to 0.10 per cent.

Remortgage

- 2 year and 5 year fixed rates reduced by up to 0.16 per cent.

- Revised remortgage tracker range – all trackers in this range now have the option of arrangement fees or early repayment fees for the same price.