Reductions of up to 0.25% apply across remortgage, purchase and retention products
Halifax has slashed rates by up to 25 basis points (bps) across a range of fixed-rate mortgages, effective from today, 6 May.
The lender’s remortgage products saw the largest moves, with two-, three- and five-year fixed rates reduced by as much as 25bps. Rates on product transfer and further advance two- and five-year fixes were also lowered, by up to 24bps.
For home movers and first-time buyers, Halifax is applying smaller adjustments, with reductions of up to 0.05% across selected two-, three- and five-year fixed deals.
The lender is also extending completion end dates on its homemover, first-time buyer, remortgage, product transfer and further advance ranges, providing more time for applications already in progress and for new business.
Commenting on wider pricing trends, Aaron Strutt (pictured right) of mortgage broker Trinity Financial said he expects lenders to take a more cautious stance on further reductions.
“The fixed rate mortgage price reductions are still coming through, but it seems unlikely there will be many more for a while,” Strutt said. “Mortgage funding costs have risen, and the lenders are almost certainly waiting to pass the price hikes on to borrowers.
“Once one of the big banks makes a price increase the others will follow. HSBC has two-year fixes from 4.42% and five-year fixes from 4.58%, and I suspect these will look like a bargain in a few weeks time, unless we start getting some better news from the Middle East.
“Get your mortgage applications in to avoid disappointment, unless you are looking to take one of the sub-4% two-year trackers, which may be around a bit longer.”
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