Is this the lowest ever two-year fixed rate?
Halifax has launched a new two-year fixed rate mortgage at just 0.83%, widely regarded as being the lowest ever two-year fixed deal.
The rate is available on mortgages up to £1m with a deposit or equity stake of 40% of the property’s value and comes with a £1,499 fee.
Borrowers can choose from a lower fee option at a slightly higher rate – £999 fee fixed at 0.87 per cent – or a fee-free option at 1.16 per cent.
Rhys Schofield, managing director at Peak Mortgages and Protection, said: “One word: wow! Where the UK’s largest mortgage lender goes, others will surely follow. As ever, though, these headline grabbers often come with significant set-up fees and the Halifax are about the only high street lender still charging for a basic valuation, which means that for many people the cheapest deal overall often lies elsewhere.
“Speak to a broker and they’ll be able to work out whether this product is right for you almost instantly.”
Long-term mortgage security
For borrowers who are looking for a longer period of payment security the lender has also launched a five-year fixed rate at 1.03 per cent and a 10-year fix at 2.07 per cent for borrowers with a 40 per cent deposit upfront.