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Lender says...

HBoS has made further rate reductions across its Halifax and Bank of Scotland brands, the lender's ninth decrease in rates so far this year.

Sixteen products from Halifax will reduce by up to 0.3 per cent while 29 products from Bank of Scotland will reduce by up to 0.45 per cent.

In addition to the reductions in rate, a number of new products are being launched including a 10-year fixed rate and a number deals for customers borrowing more than £500,000.

The new rates include 6.69 per cent for a two-year fixed rate from Halifax and 6.29 per cent for a 10-year fixed rate loan. Bank of Scotland customers can now get a two-year fixed rate large loan for 6.64 per cent.

Adviser says...

Ronan Marrion, a mortgage adviser for Truro-based Worldwide Financial Planning Limited, said: "This is welcome news for the mortgage market and HBoS has strived to remain competitive with these two lenders in these times of difficult credit conditions. 

"These new rates are competitive and the new products will see a lot of business. It is interesting they are focusing on large loans as many lenders are limiting their maximum loan sizes but once again this will see these lenders do increased levels of business."

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