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"Friday 13th is lucky for some" as Halifax cuts rates on high LTV fixed rates

ended 12. December 2024

Following on from other major lenders announcing cuts this week, Halifax has just announced that, from Friday 13 December, it is reducing rates by 0.17% on 2-year fixed £0 and £999 fee 0-90% loan to value (LTV) home mover and first-time buyer products. It is also reducing rates, very marginally, on its 5-year fixed £0 and £999 fee 0-90% LTV home mover and first-time buyer products. On the back of this, Newspage asked experts if  things are looking brighter for the property and mortgage markets in 2025? Is the Budget now behind us or could it still bite next year as its effects feed through? Their views are below.

9 responses from the Newspage community

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Olivia Harland
Senior Mortgage Consultant at Cleerly Limited
Halifax have at last used up their previous tranche of funding and can factor the small drop in swap rates into their mortgage rates. The cuts won't get them to the top of the mortgage charts as they have already met their lending targets for 2024. Also, moving forward, the full fallout of the Budget has yet to be felt so watch this space as we head into the new year. Things look like they might remain volatile.
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Mark Posniak
Managing Director, Short Term Finance at Maslow Capital
Halifax’s decision to reduce mortgage rates is a positive step in the right direction. It signals an important shift toward more affordable homeownership for those with smaller deposits in what is an increasingly challenging market. However, this alone is not enough. To truly stimulate activity and restore confidence in the housing market throughout 2025, we need to see a comprehensive approach that includes broader economic measures, more accessible financing options and targeted policies to support both first-time buyers and existing homeowners. While rate cuts are important, sustained action is crucial to unlock growth and ensure long-term stability for the housing sector.
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Daniel Hobbs
CEO at New Leaf Distribution
Things are starting to feel a little more positive after a turbulent month or so following the Budget. There are still a number of headwinds facing the property and mortgage markets but overall things have stabilised quite significantly over the past week and this is being reflected in lenders' pricing.
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David Stirling
Independent Financial Adviser at Mint Wealth
Halifax have decided to join the party with the other lenders that have cut rates earlier in the week. All these moves are positive for borrowers as we close in on 2025. Most brokers are expecting a rush of applications in the New Year to get completions before the Stamp Duty increases in April, so for borrowers the more competition there is between the banks, the better.
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Emma Jones
Managing Director at Whenthebanksaysno.co.uk
We've already had a number of big high street lenders cut rates this week and now Halifax have entered the fray. The good news for borrowers is starting to gain momentum as we head into 2025. All of these cuts are boosting affordability, which is a huge issue for many prospective buyers.
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Simon Bridgland
Broker at Charwin Private Clients
It would seem that Friday 13th really is lucky for some. Borrowers looking at the higher end of the loan to value spectrum will be feeling the love this Christmas, with a further reduction of up to 0.17% off of the 2-year fixed rate. The saving should be enough to get another dazzling Christmas jumper to wear in a couple of weeks' time.
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Justin Moy
Managing Director at EHF Mortgages
Halifax have joined the rate cut bandwagon, not wishing to lose any momentum as one of the UK's largest mortgage lenders. All improvements are positive, but what is most important is whether or not the trend continues into 2025. If it does, that will keep existing and new borrowers positive about the future and increase confidence within the sector.
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Tony Castle
Managing Director at PFG Mortgages
Halifax is bringing some extra cheer to homeowners by cutting mortgage rates. Whether you’re a first time buyer or remortgaging, these festive rate reductions offer a great opportunity to save a little and start the new year with more money in your pocket. This will give us all a hopeful outlook for more affordable payments in 2025.
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Iain Swatton
Director at Exemplar Financial Services
Halifax’s rate reductions today, following similar moves by other lenders, highlight a clear downward trend in mortgage rates—an early Christmas gift for borrowers. This shift signals a return of optimism to the market, and we hope it sets the tone for 2025. With demand still strong, the key now is for competitive mortgage pricing to turn that demand into action. Let’s hope the new year brings even more reasons for buyers to celebrate.