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Halifax to cut rates on first-time buyer and homemover products

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Written by: Anna Sagar
18/06/2021
The UK's largest lender is reducing rates across its mortgage range, for borrowers with small and large deposits
Halifax to cut rates on first-time buyer and homemover products

Halifax is set to reduce the rates on first-time buyer and homemover products by as much as 0.25 per cent as the market becomes even more competitive.

The changes come into effect on Monday and include rate reductions on new-build and affordable housing as well as shared equity and shared ownership.

The largest rate reductions of 0.25 per cent are on two, three and five-year fixed products at 60 to 75 per cent of the property’s value.

This includes a five-year fixed homemover product available up to 60 per cent of he property’s value which has been cut from 1.73 per cent to 1.48 per cent. The product is subject to a fee of £1,499 and has a minimum loan value of £250,000 and maximum loan value of £1m.

There are also select rate reductions of up to 0.2 per cent on two, three and five-year fixed rates at 75 to 80 per cent loan-to-value (LTV) products.

An example of this is a five-year fixed first time buyer product at 70 to 75 per cent LTV, which has been cut from 2.32 per cent to 2.12 per cent. It is subject to a product fee of £999 fee and has a minimum loan value of £25,000 and maximum loan of £1m.

On 80 to 85 per cent LTV products, rates on two, three and five-year fixed terms have been cut by up to 0.14 per cent.

This includes a two-year fixed new-build homemovers product at 80 to 85 per cent loan to value, which has been cut from 2.86 per cent to 2.72 per cent. It has no product fee and is available between £25,000 and £1m.

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