Property finance providers join wave of rate cuts, sparking competitive push in the market
Halifax and two other lenders have announced new reductions in their mortgage rates, signalling a competitive push to attract borrowers amid a recent cut in the Bank of England’s base rate.
Halifax, one of the country’s major lenders, has cut rates across its residential mortgage range by up to 16 basis points (bps).
The high street lender’s five-year fixed rate at 60% loan-to-value (LTV) is now available at 3.99%, providing a sub-4% offering for both first-time buyers and home movers with a £999 fee. In addition, Halifax’s two-year fixed rates now start from 4.36% at 60% LTV, 4.83% at 80% LTV, and 5.24% at 90% LTV, all with the same fee.
Other major lenders, including Barclays, HSBC, and Nationwide, have also implemented rate cuts recently as competition in the market intensifies.
Meanwhile, The Mortgage Lender (TML) has also joined the wave of reductions, specifically targeting its buy-to-let borrowers.
TML has reduced rates by 10bps across its five-year fixed 75% loan-to-value (LTV) products and portfolio multi-loan offerings. The product with a 5% fee now stands at 4.96%, while the one with a 2% fee has dropped to 5.62%.
The lender has reintroduced its buy-to-let fee saver product, which includes no completion, application, or transfer fees, with rates starting from 6.06%.
April Mortgages has also reduced rates on its long-term fixed rate mortgages by up to 10bps, with the five-year fixed rate now starting at 4.80%, the 10-year at 4.85%, and the 15-year at 4.95%.
Aside from the rate cuts, the lender recently announced that it is now lending up to six times the sole and joint income to first-time buyers, home movers and like-for-like remortgages.
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