It announces rates cuts for new homebuyer loans
Halifax has announced several changes to its product range, including rate reductions and the introduction of new tracker deals.
For homebuyer products, which include categories such as first-time buyer, new build, large loans, affordable housing – shared equity/shared ownership, and the corresponding green home products, Halifax has implemented rate cuts on selected two- and five-year fixed-rate products, with reductions of up to 45 basis points.
In addition, the maximum loan amount has been increased to £2 million on specific fixed and tracker homebuyer products.
For product transfer and further advance products, the high street lender has introduced tracker products for both categories.
Halifax said the product search tool on its websites and sourcing systems will be updated by Thursday, January 11. It also advised brokers to submit applications in full by 8pm today, January 10, to secure existing product codes.
“There is increasing confidence in the market and rates are falling,” Amanda Bryden, head of Halifax Intermediaries and Scottish Widows Bank, remarked. “These cuts will be a boost to anyone looking to get on or move up the housing ladder.”
Commenting on the Halifax product changes, Nicholas Mendes, head of marketing at independent mortgage broker John Charcol, said lenders are showing that they have enough appetite for volume, even at skinny margins, to continue to battle and hold on to their current low rates longest.
“This is Halifax’s second reprice this year, following a similar reduction last week to their remortgage pricing,” Charcol noted. “Following moves by Barclays and Santander over the past few days, despite the uptick in swap rates, Halifax still feel there is ground to pass on reductions to win more business.
“It’s been a while since we’ve seen lenders prepared to sacrifice margin for volume – a welcome news for purchasers and those coming to the end of their fixed deal.”
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