Halifax Intermediaries and specialist lender Precise have introduced notable adjustments to their mortgage products, effective today, April 1, offering more options and flexibility to borrowers.
Halifax has extended completion deadlines across all product types, benefitting homemovers, first-time buyers, remortgage applicants, and those seeking product transfers or further advances. The extended deadlines give borrowers more time to finalise their mortgage agreements.
In addition, Halifax has adjusted interest rates on selected fixed rate remortgage products. Some rates have been reduced by up to 16 basis points (bps), while others have increased by as much as 14bps. Fixed rate options for product transfers and further advances have seen similar changes, with some rates lowered and others slightly raised.
Meanwhile, Precise, part of OSB Group, has introduced several enhancements to its residential proposition, designed to support first-time buyers, self-employed borrowers, remortgage applicants, and those consolidating debt.
The lender has increased the maximum loan-to-value (LTV) ratio to 95%, allowing fees to be added to the loan, and raised the maximum loan size from £2 million to £5 million.
Additional improvements include a 70bps reduction in rates, with pricing starting from 4.89%, and a reduction in stress rates on two- and three-year products to 1.25%. Debt consolidation options are now available up to 90% LTV, providing more flexibility for borrowers managing existing financial commitments.
“The Stamp Duty deadline may be upon us, but it’s still a great time to buy,” said Adrian Moloney, intermediary sales director at OSB Group. “According to the latest Rightmove research, new buyers are now seeing the highest range of property choice at this time of year since 2015, and mortgage rates are down considerably from the peak of 6.11% in July 2023.
“I’m delighted to unveil these new residential products from Precise with lower rates, increased LTVs and max loan sizes as well as reduced stress rates. These changes aim to help make residential mortgaging more affordable across a wide range of buyers including self-employed and those with a less than perfect credit history.”
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