Halifax and HSBC announce mortgage rate reductions, offering competitive options for remortgages. Discover the latest rates and terms available.
In a noteworthy development within the financial sector, two prominent lenders, Halifax and HSBC, have recently joined Leeds Building Society in announcing reductions to their mortgage rates, heralding a potentially advantageous start to the New Year for prospective homeowners and investors alike.
Halifax has unveiled a series of rate cuts, with reductions of up to 0.35% applicable to its 1.5-year and three-year fixed-rate remortgage products. Specifically, within its 18-month range, the lender now offers rates commencing at 4.22% for a 60% loan-to-value (LTV) ratio, escalating to 4.39% for a 75% LTV. Notably, the 80% LTV rates have been adjusted to 4.77%, while the 85% LTV options are now available at 4.90%. For those venturing into the realm of 90% LTV products, a reduction to 5.28% has been instituted. It is pertinent to mention that all these offerings are accompanied by a fee of £1,499.
Turning to the three-year fixed-rate remortgages, Halifax has introduced a fee-free option for the 60% LTV product, now priced at 4.41%, alongside a £999 fee alternative that has seen a decrease to 4.18%. For 80% LTV three-year fixed rates, the starting point is now 4.73% with a £999 fee, while the fee-free option stands at 4.96%. The 85% LTV offerings have been reduced to rates of 4.83% and 5.06%, with the 90% LTV products now available at 5.21% and 5.44%.
HSBC, not to be outdone, has also declared its intention to reduce rates across its mortgage range, effective Monday, January 6th. These reductions will encompass both residential and buy-to-let products, spanning LTV ratios from 60% to 95%, across terms of two, three, five, and ten years. Specific rates are anticipated to be confirmed in the forthcoming week, adding an element of suspense to the mortgage market.
These latest cuts follow closely on the heels of Leeds Building Society’s announcement, made just yesterday, regarding its own rate reductions of up to 0.21% across its mortgage offerings. As the financial landscape continues to evolve, these adjustments may provide a welcome respite for borrowers navigating the complexities of the mortgage market in the early days of 2024.
