Halifax delivers “a massive mortgage curveball” as it cuts fixed rates

Halifax Intermediaries is set to introduce changes to their mortgage product range on the 23rd of February, 2024.

Notably, the revisions will include reduced rates on selected fixed-rate products. This update will apply to various homebuyer products such as those for first-time buyers, large loans, New Build, and Affordable Housing – including Shared Equity/Shared Ownership – as well as corresponding Green Home products.

Remortgage products will also see reductions in rates for large loans, Affordable Housing, and equivalent Green Home products.

If you are a consumer looking for mortgage advice The Intermediary has partnered with Brilliant Solutions. contact them here.

This initiative by Halifax presents an advantageous opportunity for homebuyers and those considering remortgaging in the current economic climate.

Newspage asked brokers what’s going on.


Imran Hussain, director at Harmony Financial Services:

“Halifax is well and truly smacking the competition right now. They have an appetite to remain the UK’s number 1 mortgage lender. While others are going one way, Halifax are going the other. Halifax must be seeing this as an opportunity to sweep up business, especially as they have the functions in place to actually service the business they receive.”

Gary Boakes, director at Verve Financial:

“Opportunity knocks, with Halifax clearly seeing the current climate as a great opportunity to increase their market share. With other lenders increasing rates today and this week, this is a great response and fantastic publicity. Even if the rates are just 0.1% lower, the extra business and positive news will be worth the potential cut in their margins. A tactical move timed perfectly. Well done Halifax.”

Michelle Lawson, director at Lawson Financial:

“The mortgage market appears to have left the realm of reason. The messages emerging from lenders are way beyond mixed. Whilst rate reductions are good, they are only good if they last and are not countered by a rise tomorrow. This is less a rollercoaster than a ghost ride at the moment.”

Rohit Kohli, director at The Mortgage Stop:

“In a week of relentless rate hikes from major lenders, it’s refreshing to see one of the big 6 taking a more pragmatic approach.

“After a week of lows, Halifax have delivered a high. We’ll have to wait and see what these reductions look like but this news from Halifax will give a small sigh of relief to borrowers who have been watching rates go upwards this week. This just underpins how unstable and unpredictable the UK mortgage market is at the moment.”

Ranald Mitchell, director at Charwin Private Clients:

“Following a series of rate hikes by prominent high street lenders this week, Halifax has just delivered a massive mortgage curveball by announcing a reduction in fixed rates effective from tomorrow.

“Uncertainty continues to grip the UK housing market as mortgage rates fluctuate. In a tumultuous turn of events, the UK housing market finds itself ensnared in a whirlwind of uncertainty as mortgage rates continue to oscillate unpredictably.

“This unexpected move has left consumers and industry professionals alike in a state of disarray, grappling with the perplexing question of what direction the market will take next.

“The chaos, conflicting signals and mixed messages are further fueling the prevailing sense of unease and instability within the housing sector.”

Craig Fish, director at Lodestone Mortgages & Protection:

“This move from Halifax stands out like a sore thumb and shouts out loud that they need some business.

“They haven’t been priced very well of late, and it’s those lenders that have hiked their rates that have been reaping the rewards of their pricing strategy and winning all the business.

“Now all eyes on Halifax and exactly what rates they will have on offer. We just hope that these rates have some life in them and won’t be withdrawn in a matter of days.”

Gary Bush, financial adviser at MortgageShop.com:

“HSBC put their rates all up, along comes the largest mortgage lender in the UK, Halifax, reducing their rates in an amazing about-turn catching all their competitors sleeping. A superb strategy from Halifax owners, Lloyds Banking Group.”

Ben Perks, managing director at Orchard Financial Advisers:

“Wait, what? There has been an influx of emails today notifying us of rate increases, which has left brokers and borrowers feeling much like the weather outside, namely glum.

“But Halifax have just appeared like a rainbow amid the storm and given us a glimmer of hope. Rate reductions will be welcomed by brokers and borrowers alike.”

Elliott Culley, director at Switch Mortgage Finance:

“The decision by Halifax to reduce rates at a time when other lenders are increasing sticks out like a sore thumb. However, it is a welcome piece of news at a time of real precariousness for borrowers.

“Halifax is most likely looking to increase business levels and are seeing this as an opportunity to attract borrowers at a time when most will be scrabbling around looking for the best deal. Hats off either way.”

Ken James, director at Contractor Mortgage Services:

“What’s this I hear you cry? A rate reduction? Surely we must have read that wrong. At first, I actually thought this was a rate increase, so imagine my delight to see I was wrong.”

Gareth Davies, director at South Coast Mortgage Services:

“The mortgage market is up and down like a fiddler’s elbow right now. An interesting move from Halifax, but one that will be moot if they change things again in a matter of days.

“This market needs confidence to return, which can only happen with consistent lending principles from the banks. Let’s not forget the man in the middle of all this though.

“The broker. I know I am biased, but brokers are working relentlessly right now to try and shield consumers from the turbulence, and this work is easily forgotten by lenders when you consider the volume of business introduced from the intermediary market.”

Louis Mason, content and communications director at Oportfolio Mortgages:

“Up…down…up…down…Is anyone else starting to feel a bit queasy? The fluctuation in interest rates seen over the last week or so really highlights why people need mortgage advice now more than ever.

“We are advising our clients to move quickly when it comes to remortgages and new purchases. Now, jumping pouncing on interest rates as soon as you can might seem like bad advice to some, but in reality, it is what needs to be done to ensure that you still get a good deal.

“And, if rates do drop again before completion, your broker can easily switch you to a better deal. It’s a market that we all need to accept and evolve with.”