Halifax cuts mortgage rates

| July 18, 2008 | 0 Comments
Halifax cuts mortgage rates

Halifax has announced that it is cutting some mortgage rates from 19th July, having already reduced the cost of a range of loans during last week.

The bank is lowering rates on its two-year fixed-rate mortgages by 0.1% and on its five-year deals by 0.15%.

The move is aimed at keeping the UK’s largest mortgage lender competitive, as in the past few days Nationwide, Abbey and Cheltenham & Gloucester have also cut rates.

Since introducing its £245 entry fee for mortgage applicants last month, Halifax needs to impress borrowers.

The so called mortgage account fee effectively ended the bank’s fee-free mortgage range as it has been applied even to those paying a higher interest rate to avoid arrangement fees.

Halifax brands including BM Solutions, Bank of Scotland (BoS) and Intelligent Finance are also reducing rates.

Across the entire Halifax group, interest will decrease on 48 mortgage products but mainly for those with a 25% deposit.

Buy-to-let borrowers with BoS and BM Solutions may benefit with rates falling by up to 0.2%.

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