Halifax and Santander announce fixed rate mortgage price reductions
A selection of banks and building societies have lowered their fixed-rate mortgages in recent days by up to 0.5% following a prolonged period of fixed-rate increases.
Halifax for Intermediaries and Santander for Intermediaries have lowered many of their fixed-rate mortgages, which hopefully brings a halt to the price rises there have been.
Generation Home, the specialist first-time buyer and deposit booster mortgage lender, lowered some of its two-year fixes by 0.5% and its five-year fixes by 0.2%.
From today (Monday, 16 June), Halifax for Intermediaries has reduced the cost of its home mover and first-time buyer products by up to 0.10% on selected two, three, and five-year fixed-rate products.
Aaron Strutt, product director at Trinity Financial, says: "There have been a lot of fixed-rate price hikes recently, and the cost of borrowing has gone up. Thankfully, there are still quite a few lenders offering sub-4% rates, and the lenders are also offering more generous income multiples following regulation changes prompted by the government.
"Nationwide for Intermediaries offers some competitively priced rates for borrowers looking to borrow between £300,000 and £5 million."
On Wednesday, 18 June, Santander for Intermediaries is reducing some residential purchase two- and five-year fixed rates. The bank is also lowering 15-10% deposit two and five-year fixed rates by up to 0.15%.
Santander's five per cent deposit five-year fixed rate will be reduced by 0.22%, and its residential remortgage two and five-year fixed rates will be reduced by up to 0.10%.
West Brom Building Society has cut rates by up to 0.23% on its core, shared ownership and new build deals.
When is the next base rate decision?
The Bank of England base rate is expected to remain at 4.25% on Thursday when the Monetary Policy Committee meet.
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The information contained within was correct at the time of publication but is subject to change.
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