Halifax Announces Further Cuts to Its Fixed Rate Deals
Competition among UK mortgage lenders is at blistering level and another major firm has announced products to up the fee to play even further. Market conditions are dictating the response by the lenders to sharpen their pencils, but how much more do they have left to offer on the table? Companies can only bend so far before starting to crack, but at the same time they have to maintain a positive cash flow.
Halifax is sharpening their pencils once more as they are cutting the prices on their fixed rate products once again. They are taking some of their fixed rate deals to new lows, as they are cutting up to 0.35% on some of them. Remortgage borrowers can even see some benefit as they have put together a deal at 3.84% on loan to value mortgages of 75%.
The delay in hiking the base rate is causing more people to move, but move with much caution. Short term fixed deals have become more popular until more concrete plans are made by the Bank of England and their Monetary Policy Committee. The MPC is the nine member committee which meets each month and sets the level of the base rate.
Stephen Noakes, commercial director of mortgages at Halifax, commented on the latest announcement to lower rates even further, saying: "We are continuing to lower rates in order to provide the best possible value to first time buyers, home buyers, and remortgagers.
"These changes are part of a raft of improvements and reductions already this year, which will provide a much wider choice for those looking for a great deal.”