Lender cuts mortgage rates
Updated on 19 July 2008
Lower mortgage rates have come into effect after the UK's biggest lender cut the cost of its deals for the second time in a week.
On Friday Halifax announced it was reducing its two-year fixed rate mortgages by 0.1% and its five-year fixed rate ones by 0.15%.
As a result of the change, a two-year fixed rate mortgage for someone with at least a 25% deposit who pays a £1,330 arrangement fee will fall by 0.1% to 6.47%.
Halifax, which also cut rates on Friday last week, said it was making the move to keep its pricing in line with the market after its competitors had reduced their rates.
The move follows a series of cuts by a number of major lenders in the past two weeks. Nationwide, Abbey and Lloyds TSB's lending arm Cheltenham & Gloucester have lowered the cost of their deals following a fall in swap rates, upon which fixed rate mortgages are based.
Other lenders in the HBOS group, of which Halifax is a part, have also reduced their rates, with Intelligent Finance cutting 15 of its tracker deals by up to 0.3%, and Bank of Scotland lowering three of its self-certification trackers by 0.1%.
A number of buy-to-let loans offered by Bank of Scotland and BM Solutions were also reduced by up to 0.25% and up to 0.2% respectively.
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