Halifax has made further cuts to rates across its range of two and five-year fixes for first-time buyers, home movers and remortgage customers at varying loan-to-value levels.
This follows reductions of up to 0.3 percentage points made across the same range earlier in June.
For first-time buyers and home movers, two-year fixes are now available at 3.19 per cent between 85 per cent and 90 per cent LTV, with a £495 product fee. The rate is 3.39 per cent for the fee-free option.
Five-year fixes at the same LTV level have been discounted to 4.24 per cent, with a £495 product fee, while the rate for the fee-free option is 4.44 per cent.
For remortgage customers, two-year fixes at between 75 and 85 per cent LTV has been reduced to 2.14 per cent, with a £495 product fee and 2.34 per cent fee free.
Meanwhile, five-year fixed-rate mortgages, with a product fee of £495, has been lowered to 3.84 per cent and 4.04 per cent fee free.
On 8 June, the lender unveiled cuts to its range of two and five-year fixes. This included a reduction in the rate of interest for two-year fixes between 75 to 85 per cent LTV of 0.2 percentage points, with rates starting from 2.39 per cent, with a £495 product fee.
Craig McKinlay, mortgages director at Halifax, said: “Halifax is committed to providing competitive mortgages and great service to our customers. The reduction in rates across our two and five-year product range for first-time buyers, home movers and remortgage customers will enable us to continue to support first-time buyers and those moving up the housing ladder.”
Gareth Morrison, mortgage adviser at GM Mortgage Solutions, based in Armagh, said: “In Northern Ireland, the size of the mortgages that we tend to handle are relatively small compared to the eastern region of mainland UK and compared to other areas such as London, for example. We would use the fee-free option although it is widely used for marketing purposes to make the lender look good.
“I have had many dealings with Halifax. I would say it is number one with mortgage brokers because most applications go through the lender. Although its rates are not the best, Halifax provides a good service.
“A lot of lenders have made reductions to the rates on their mortgages in recent times. Lenders also seem to be relaxing their criteria, although this changes on a day-to-day basis. One day, I would receive an email from a provider saying it has relaxed its criteria, and I would receive another email from another lender saying it is to tighten its criteria for its share equity schemes.”
Product fee ranges from £0-£495.
Competition in the mortgage marketplace is rife, and the cuts made by Halifax illustrate its willingness to take rival providers head-on. The cuts to two and five-year fixes for first-time buyer, home mover and remortgage were announced a mere 21 days after the lender made reductions across the same product range.