Halifax is set to reduce its remortgage rates by up to 0.32%, with changes affecting deals that include a £999 fee. This reduction will apply to loan-to-value (LTV) ratios between 60% and 90%, offering significant savings for homeowners looking to remortgage. The new rates are scheduled to come into effect from 23 August, giving borrowers a timely opportunity to lock in lower rates amidst ongoing market fluctuations.
For two-year fixed-rate remortgages at 60% LTV, Halifax will lower the rate by 0.2%, bringing it down to 4.37%. This reduction is expected to appeal to homeowners with substantial equity who are seeking a competitive deal. Similarly, at 75% LTV, borrowers will benefit from a 0.21% rate cut, reducing the remortgage rate to 4.5%. This could provide relief for those with moderate equity who want to refinance at a lower cost.
At 80% LTV, Halifax will introduce the most significant reduction of 0.32%, bringing the new remortgage rate to 4.92%. This drop is particularly noteworthy for homeowners with less equity, as it offers a more affordable option in a higher LTV range. The substantial cut could make remortgaging more accessible for those who may have previously been deterred by higher interest rates in this bracket.
For borrowers with an 85% LTV, Halifax will reduce the remortgage rate by 0.26%, resulting in a new rate of 5.13%. While this LTV range generally carries higher rates due to the increased risk for lenders, this reduction still offers a chance for savings, making it a competitive option for those with less equity in their property. The rate cut may encourage more homeowners to consider remortgaging even at higher LTV levels.
These changes from Halifax signal a strategic move to remain competitive in the remortgage market, particularly as interest rates continue to be a key consideration for borrowers. With reductions across various LTV bands, Halifax is providing a range of options for homeowners looking to refinance their mortgage at more favorable terms.
Halifax is making significant adjustments to its remortgage rates, reducing them by up to 0.32% for deals that come with a £999 fee. These changes are aimed at borrowers with loan-to-value (LTV) ratios ranging from 60% to 90%, and they will take effect from 23 August. As the mortgage market continues to evolve, Halifax’s rate cuts could provide welcome relief for homeowners looking to refinance at lower interest rates, especially in a period where borrowing costs have been under close scrutiny. By offering reductions across various LTV bands, Halifax is positioning itself as a competitive choice for those seeking to remortgage.
For two-year fixed-rate remortgages at 60% LTV, Halifax will decrease the rate by 0.2%, bringing it down to 4.37%. This rate cut will appeal particularly to homeowners with significant equity in their property, giving them a chance to lock in a lower rate over the short term. At the 75% LTV mark, Halifax is also offering a reduction of 0.21%, bringing the remortgage rate down to 4.5%. This adjustment could be particularly beneficial for homeowners with moderate equity who are seeking a balance between affordability and securing a new deal at a favourable rate.
One of the more substantial changes is at 80% LTV, where Halifax will reduce the remortgage rate by 0.32%, lowering it to 4.92%. This significant reduction is especially noteworthy for borrowers with less equity in their home. The improved rate could make refinancing a more attractive option for those who might have been discouraged by higher rates in this LTV category in the past. For homeowners at 85% LTV, Halifax is cutting the rate by 0.26%, resulting in a new rate of 5.13%. Though the rates remain higher in this range due to the increased risk for lenders, this reduction still offers a more competitive option for those with less equity, making remortgaging a potentially more viable option.
The lender is also addressing higher LTV borrowers with a 0.12% reduction for two-year fixed-rate deals at 90% LTV, bringing the rate down to 5.54%. This move targets borrowers who have less equity and are looking for a shorter-term deal at a lower rate. Additionally, Halifax is cutting rates for five-year fixed-rate deals, with a reduction of 0.23% at 60% LTV, bringing the rate to 4.02%. For those at 75% LTV, the five-year fixed-rate will drop by 0.22%, lowering it to 4.18%. These reductions are likely to appeal to homeowners looking for long-term security in their remortgage options, offering a broader range of choices for borrowers across different LTV brackets.
At 80% LTV, Halifax is reducing its five-year fixed-rate mortgage by 0.19%, bringing it down to 4.66%. For loans at 90% LTV, the rate will decrease by 0.09%, resulting in a new rate of 5.06%.
Earlier this week, Halifax also cut its product transfer and further advance rates by up to 0.32%. These rates are tailored based on individual customer profiles.
Additionally, Halifax has updated its criteria for non-sterling income and shared ownership mortgages earlier this month.
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