Borrowers can now fix their monthly mortgage repayments for as little as 3.89 per cent over three years, 3.99 per cent over five years or 4.99 per cent over ten years.
Phil Jenks, head of mortgage strategy at Halifax, commented:
"We continue to see a strong demand for fixed rate mortgage products. This is clearly a result of the attractive rates of fixed term funding we are able to secure and pass on to the borrower. Recent industry figures show that one in two mortgages arranged in May was on a fixed rate – this is the highest level seen in the mortgage industry since the end of 1998.
"Borrowers are clearly attracted to the combination of certainty of monthly repayment, extremely competitive rates and the greater flexibility of fixed rate mortgages. Halifax, for example, enables borrowers to repay up to ten per cent of their mortgage during each year of the fixed rate term. All fixed rates in the Halifax range are also fully portable, enabling borrowers to continue to benefit from these rates at no extra cost even if they move at a later date."
