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Halifax and NatWest announcing rate cuts and pulling deals

Journalist: Justin Moy, Mortgage & Property Reporter

ended 31. January 2024

In the last few minutes, Halifax has just announced a variety of fixed-rate cuts for remortgage (and existing) borrowers, unlike the moves by Barclays and Coventry BS this week which were heavily skewed towards purchase activity.

NatWest has announced a handful of products have been withdrawn for the foreseeable future, but no sweeping changes to their range this time.

With mortgage lenders supporting different areas of the wider mortgage market with their most recent mortgage rate changes, we asked Newspage brokers to comment on these changes, and whether these moves just highlight & demonstrate the value of the mortgage broker for any borrower.

 

11 responses from the Newspage community

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Justin Moy
Managing Director at EHF Mortgages
This time Halifax showing their allegiance with remortgage borrowers, as they cut rates for new and existing borrowing, a welcome sight in particular for borrowers blind-sided by moves from other lenders this week. I am just disappointed they have chosen to reprice the day after the latest batch of Product Transfers have been submitted, many existing borrowers will feel hard done by when the timing of their rate changes has conveniently been scheduled from the 1st.
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Katy Eatenton
Mortgage & Protection Specialist at Lifetime Wealth Management
There’s definitely been a drop in confidence over the last week, with withdrawals and increases from four of the big six.. will HSBC and Nationwide follow suit.
It will concern borrowers that are due to remortgage over the coming months if they haven’t secured a rate already
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Riz Malik
Independent Financial Adviser at R3 Wealth
Lenders recent actions have largely been favourable, offering borrowers improved options compared to what was available over the past six months. Attention is now focused on Threadneedle Street, with a keen interest in their statements regarding the potential for interest rate reductions in 2024.
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Rohit Kohli
Director at The Mortgage Stop
While rate reductions are always welcome, particularly in a week where all eyes are on the Bank of Englands decision on Thursday, the timing of some of the annoucements does tend to raise an eyebrow on how customers who switch to their new deals tomorrow, could potentially have benefited from these new rates. But without knowing the numbers, they will have no idea on whether they should stick to their deal or cancel and see what happens tomorrow.
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David Stirling
Independent Financial Advisor at Mint Mortgages & Protection
Very unlucky for any existing Halifax customers who product transferred recently and a bit of naughty timing from them too. The mortgage market is like lender whack-a-mole at the minute with rate changes, cuts, increases and hidden pricing... it all highlights the need for a broker with their finger on the pulse.
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Elliott Culley
Director at Switch Mortgage Finance
These moves from Halifax are a welcome change to other lenders increasing rates for remortgages. Although Natwest have removed some products, they have not changed rates which should be taken as a positive move. We are now at a crossroads, when it comes to the next stage in rates.
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Rob Gill
Managing Director at Altura Mortgage Finance
The disappointing 2023 lending figures just released by Santander illustrate why lenders are so keen to attract new business in 2024. Despite the cost of funds increasing in recent weeks, competition amongst lenders is likely to see downward pressure on mortgage rates continue.
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Robert Timm
Managing Director at Sunland Mortgages
Halifax are hopefully bucking the recent trend of preferential purchase rates but much less attractive remortgage rates. We know there's such a large amount of clients rolling off fixed rates that start with a 1 or 2, so this is welcome respite for them during what is a worrying time for their finances.
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Akhil Mair
Director at Our Mortgage Broker
Looks like Halifax is cutting through the competition like a chef’s knife. While Barclays and Coventry BS are focused on the buy-buy frenzy, Halifax is here for the remortgage revolution. Great news for any borrowers seeking new residential remortgages rates.
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Gary Bush
Financial Adviser at MortgageShop.com
Amazingly good news from 2 big UK mortgage lenders - Halifax and Natwest, rates reducing for fixed rates again. These lenders seem to still be chasing Remortgage clients, by these rate decreases, unlike a number of High Street lenders of late. The mortgage rate war steps up another level and comes to the rescue of struggling mortgage account holders.
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Ying Tan
CEO at Habito
The competition shown by lenders, who are looking to attract business as we kick off 2024 is encouraging, for brokers and the consumers they serve. Its great to see Halifax target the remortgage market which has been neglected by others. The role of a broker has never been more important, rates are changing so quickly, aligning with a quality firm is imperative to ensure consumers are on the most cost effective deal.