Effective from, Tuesday 7th November, Halifax has made a number of changes to its mortgage product ranges.
The lender introduced rate reductions across selected 2-year and 5-year fixed rates in its first-time buyer, new-build, large loans and affordable housing, and Green Home product ranges.
Further rate reductions were also introduced across its remortgage offering, including large loans and affordable housing – shared equity or shared ownership, and the equivalent Green Home products.
Reaction:
Nicholas Mendes, mortgage technical manager at John Charcol:
“It is positive to see Halifax introduce another round of repricing, compared to some of the other high street lenders.
“Halifax have been a little off the pace when compared to Nationwide, HSBC, Coventry Building Society, Virgin and Clydesdale with their remortgage pricing.
“It would be good to see Halifax remortgage products more closely aligned with their purchase pricing moving forward.”
Justin Moy, managing director at EHF Mortgages:
“This looks to be the start of the next wave of rate cutting by lenders, buoyed by the recent hold to base rate and falling swap rates.
“Increasing competition will only benefit borrowers, so any saving is really appreciated.”
Ranald Mitchell, director at Charwin Private Clients:
“Mortgage pricing continues to move in the right direction with more rate cuts from Halifax.
“The competition between lenders is red hot currently, which is setting up 2024 nicely.
“Two big questions: how far will they go and what level of rates will provide the stimulus the housing market so badly needs?”
Jamie Lennox, director at Dimora Mortgages:
“Halifax are heading back into the fight for low loan-to-value mortgages as the race for a lender to stick their neck on the line with a sub-5% 2-year fixed rate heats up.
“As 2023 is dwindling, time is against most lenders to make up their market share before the year is up and we’d expect more lenders to make price reductions in the days and weeks to come.”
Stephen Perkins, managing director at Yellow Brick Mortgages:
“Seeing rate reductions being announced by the UK’s largest mortgage lender is a great way to start the working week especially knowing it will lead to a spate of further reductions from their competitors by the end of the week.
“Consumer confidence is starting to return to the market and will be buoyed by these Halifax rate reductions.”
Craig Fish, director at Lodestone Mortgages & Protection:
“It’s good to see lenders reducing rates, but these are very average at best and certainly don’t stand out in the rates charts.
“What we need is a lender to stick their head above the parapet, and offer some market-leading rates to get some competition back into the market.
“Perhaps they’re all planning on starting next year with a bang.”
Lee Gathercole, co-founder at Rebus Financial Services:
“Very welcome news, Halifax seems to be leading the way in 2023 I am pleased to see many of the product reductions are focused on first-time buyers, too.
“Long may it continue and hopefully other big banks can take note.”
Graham Cox, founder at Self-Employed Mortgage Broker SEMH:
“Further rate cuts from the UK’s largest mortgage lender are a further sign of stability and confidence returning.
“With 2-year fixes at 5.23%, albeit with a 25% deposit and a £999 product fee, sub-5 percent deals may not be too far away.
“Once all rates start with a four, not just longer fixes, we should see a pick-up in market activity.”
Elliott Culley, director at Switch Mortgage Finance:
“Great news that Halifax are continuing to drive fixed rates down. They have taken the initiative and it is likely other lenders will follow.
“Halifax are trying to get as much business in before the end of the year.”
Rob Gill, managing director at Altura Mortgage Finance:
“Ongoing rate cuts from mortgage lenders is very much the trend as it appears increasingly likely base rate has peaked and inflation continues to drop.
“This new series of cuts from the country’s biggest lender is another encouraging sign for mortgage borrowers and the housing market.”
