Mortgage Strategy - Halifax increases rates despite Nationwide’s cuts

Halifax is increasing rates by up to 12 basis points, despite Nationwide announcing price cuts yesterday.

Brokers had expected the move by Nationwide to trigger reductions by other major lenders, so today’s news from Halifax came as a surprise.

A number of other lenders are repricing in both directions.

Trinity Financial product and communications director Aaron Strutt says: “It is a surprising move from Halifax based on Nationwide’s announcement that it is lowering rates because of the drop in mortgage funding costs.

“It seemed like rates would be coming down rather than going up again, even if only by a small amount. Halifax is currently offering some of the cheapest two, three and five-year fixes so it must be getting lots of applications.”

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