Halifax slashes direct rates by up to 0.5%

Halifax has cut the rates across its entire range of mortgages by up to 0.5%.

Customers who apply for a mortgage up to 3 October 2010 will get a reduction of 0.3% off their mortgage interest rate until the end of 2011.

Customers will a Halifax current account will get a further 0.2% discount, giving them a total reduction of 0.5%.

In addition, Halifax has launched a two-year tracker for homemovers and first-time buyers, with a rate of 2.49% until the end of 2011 as part of the rate cut offer followed by a rate of 2.79% for a further year.

New and existing customers can get a rate of 2.29% until the end of 2011, when it will increase to 2.59%.

The tracker is available up to 60% LTV with a product fee of £1495.

Stephen Noakes, commercial director of mortgages at Halifax, said:

"We know that the first year in a new home can be expensive, so this rate cut should make a helpful difference for customers."