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New mortgage products for UK buyers


As the latest festive season becomes a distant memory, positive news has emerged in the housing market. Various lenders have greeted the New Year by announcing new rates and changes to
existing products.

Halifax is introducing a range of new policies, at the same time guaranteeing a succession of rate reductions across the board of their current products. Their two-year tracker mortgages are being
reduced by 0.15%, meaning that rates are now starting at 2.64%. This equates to a 90% Loan to Value for remortgage customers and home movers in the form of a five-year fixed rate year product
running at 5.69%. This will work out at a reduced £995 fee for home owners, with no fee at all for first-time buyers.

Halifax have also set up a two-year fixed rate mortgage, again at a 90% Loan to Value rate, launched at 4.99%, with a £995 fee for first-time buyers, with fixed rates for five years and 85% Loan to Value rates for remortgaging, with rates starting at 3.34%.

Halifax pre-empted the current overhaul of its borrowing rates as far back as September, when it launched a new product as a result of its participation in the Government’s Funding for Lending
program. The rate on this product, a seven-year 90% Loan to Value policy, is being further reduced from 5.79% to 5.69%.

First-time buyers are also being offered additional incentives, such as a £1,000 cashback, and no fees on selected products. The payment will be made each customer via their conveyancer the moment
the product has been bought.

The Halifax Mortgages Director, Stephen Noakes, stated: ‘We are starting off the New Year making a number of changes and expanding our product range and are pleased to be able to continue to
support not only first time buyers, but the wider market’.

Buying Houses since 1972