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Halifax cuts rates on five-year remortgages

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Written by: Shekina Tuahene
18/05/2020
The lender has reduced rates and extended the validity of mortgage offers by three months
Halifax cuts rates on five-year remortgages

Halifax has reduced the rates on a number of its five-year fixed residential remortgages, available up to 85 per cent of the property’s value.

This includes a five-year fee-free remortgage product for those with at least 40% equity in their home, which has been reduced by 0.34 percentage points to 3.35%. The same mortgage, for borrowers with 25% equity, has seen a rate cut of 0.29 percentage points to 3.4%.

The fee-free five-year fixed remortgage at 75-80 per cent loan-to-value has a rate of 3.45 per cent, down from 3.74 per cent. The 80-85 per cent equivalent has been reduced by 0.49 percentage points to 3.50 per cent.

Halifax has also extended the end dates and ‘complete by’ dates of its remortgage, homemover, first-time buyer and shared ownership mortgages by three months.

The lender reintroduced its products up to 85 per cent LTV in April after cutting lending to 80 per cent LTV due to restrictions imposed by the health crisis.

Last week, Halifax revised its self-employed and furloughed borrower guidance.

Ian Wilson, head of Halifax Intermediaries said: “As part of our ongoing commitment to the intermediary market, we remain focused on supporting mortgage advisers by helping provide greater choice and value for money to customers.”

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