Halifax cuts some rates!

Posted on 20 May 2008 by Ray Boulger

6 comment(s)

From tomorrow Halifax are reducing their 3 and 5 year Product Transfer fixed rates by 0.1 or 0.2% and their 3 year tracker rate by 0.2%. In addition they are increasing the maximum loan size on the tracker up to 75% LTV from £500,000 to £2m.

These Product Transfer rates are only available to existing customers coming to the end of a deal but I think Halifax will have a very large number of borrowers coming to the end of a deal on 31/7/08 because they were offering some extremely competitive fixed rates 2 years ago - 4.69% for purchases and 4.79% for remortgages, both with a fee of only £499, and a market leading 2 year tracker at Bank Rate - 0.11%. This suggests that, unlike some lenders, they are keen to retain as many borrowers as possible.

Categories: Mortgages, Interest rates

House hunter says:

The real question is not the rates but the criteria.

1) Did they tightened criteria when they cut rates?

2) Are the criteria tighter than the mortgages that they are replacing?

It doesn't matter how cheap the loans are, if they are suddenly asking for 3.5 times income (with actual salary slips) then you won't get the mortgage.
Posted on 07/06/2008 09:25 by House hunter

Paddles says:

Didn't last very long, did it? They put them up again 2 week's later.
Posted on 08/06/2008 22:29 by Paddles

Gavin from London says:

How things have changed back then. Lenders have increased their rates. The British housing bubble is finally bursting with massive price drops each month and more on the horizon.
Posted on 08/06/2008 22:36 by Gavin from London

t reeper says:

I think the big boys will step in and support the market and take marekt share from the smaller players.What do you reckon?
I think this dip is definitely a good time for a cheeky offer before they start rising again.
Posted on 09/06/2008 13:26 by t reeper

Nancy Sanspoisson says:

I believe that house prices will continue to go from strength to strength and mortgages will get cheaper and cheaper. I have fairies in my garden.
Posted on 22/06/2008 13:21 by Nancy Sanspoisson

House hunter says:

Looks like you will have to do an update:

http://www.dailymail.co.uk/news/article-1028079/Halifax-big-lenders-hit-homeowners-punishing-rate-rises.html

"The death knell was sounded for the cheap fixed mortgage tonight as Britain's biggest lender raised rates by up to 0.5 per cent."
Posted on 22/06/2008 13:30 by House hunter

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