Halifax launches lowest ever 2-year fixed rate
Mortgage Introducer August 9, 2021
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The Halifax has the lowest ever 2-year fixed rate to date at 0.83% up to 60% loan-to-value (LTV).
In addition, the lender is also launching a 5-year fixed rate at 1.03% and a 10-year fix at 2.07%.
Halifax is the latest lender to enter the sub-1% space for borrowers with large deposits.
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Doug Miller, director at Lansdown Financial Services, said: “These are absolutely outstanding products across both two and 5-year fixed rate deals.
“I predicted a rate war when HSBC launched market leading products in June, and with Nationwide and now Halifax offering sub-1% deals, the market is becoming fiercely competitive between lenders as the housing market shows its first signs of slowing down.
“With their flexible underwriting and sensible approach to lending, the Halifax should take the market by storm over the coming weeks with these new products.
“Whilst the rate war between lenders continues to drive interest rates down, like all good things this will come to an end shortly. For those in a position to buy or remortgage now, you are in an enviable position of all other mortgage holders in the UK!”
Iain Swatton, head of intermediaries at Dashly.com, added: “This is the latest salvo in the lender rate wars, and fixed rates are not a silver bullet. For too long, UK mortgage holders have paid a loyalty penalty when their fixed rate comes to an end, and are switched onto a lender’s costly standard variable rate, and as a result, overpay £5.3m in interest.
“But homeowners have more power than they realise, and can make the market work in their favour by seeking advice from a qualified adviser to ensure they really are on the best deal – and possibly switching to save thousands.”