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Halifax cuts remortgage rates

ended 04. January 2024

Following cuts earlier this week, Halifax has this morning announced that, on Friday 5 January, it is reducing remortgage rates by up to 0.32% on selected 3-year fixed rates. Newspage asked brokers for their thoughts, below.

9 responses from the Newspage community

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Ranald Mitchell
Director at bad credit mortgage specialists Charwin Mortgages
The relentless battle for mortgage business takes another twist with Halifax focusing on the 3-year fixed rate products. These have been lagging behind 5-year pricing for some time now, a complete reversal of "ordinary" pricing the market has seen over the years. Focusing on the 3-year fixed rate products ratchets up the heat on other lenders who now need to constantly re-examine their own pricing to stay in the game. The great mortgage scramble is opening up on many fronts now.
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Imran Hussain
Director at Harmony Financial Services
The great news just keeps on coming. 3-year fixed rate products definitely seem to be the happy medium for many borrowers currently, and hopefully more lenders will start offering them as there is only a handful of lenders with a 3-year fixed rate offering.
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Stephen Perkins
Managing Director at Yellow Brick Mortgages
Great to see that Halifax hasn't forgotten the remortgage clients and this and the rate reductions from others that will surely follow will save money for many of the 1.4 million households coming off their ultra-low fixed rates this year. Looking forward to seeing this downward trend continuing.
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Darryl Dhoffer
Founder at The Mortgage Geezer
How the winds of change are sweeping through Halifax, bringing news of interest rate cuts on their three-year fixed offerings. A feast for those looking to jump ship and find greener pastures, one might say.
But this bounty is not equally distributed. Where, amidst this flurry of rate reductions, are the offerings for the loyal consumers, the steadfast Halifax residents with their current mortgage deals ending - only 2 and 5 yr deals offered to these loyal clients. Like elusive komodo dragons, the three-year retention products remain in the shadows, unseen, unheard. Has Halifax deemed them an inferior species, unworthy of a taste of the rate-cut banquet?
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Mike Staton
Director at Staton Mortgages
This just shows how out of touch Halifax rates were before the new year. Halifax's appetite for new mortgage business has increased, and with other lenders making massive reductions, Halifax's new year rates were not competitive enough. This latest reduction shows that and shows that Halifax wants to fill their boots at the beginning of this year.
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Denni Tyson
Mortgage and Protection Advisor at Henchurch Lane Financial Services
This is shaping up to be one hell of a week for those working in product development within the banks! Within 2 days of the New Year, we have seen three banks reduce rates by a significant amount.

I think there is a sense of optimism across the board that 2024 will be a bounce-back year for advisors and banks are trying to muscle their way to the front with excellent rates and products.
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Graham Cox
Director at Bridging Hub
Three year fixes aren't offered by all lenders, and Halifax's 3 year remortgage deals have been more expensive than their 2 year and 5 year counterparts. With less competition, that's often the case. But these reductions of up to 0.32% will at least bring them more into line and is another positive step as rates continue their downward trajectory.
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Gary Bush
Financial Adviser at MortgageShop.com
Halifax tweaking its remortgage rates appears to be a reaction to HSBC's lower rates being released for these transactions. Lenders appear to be all over their competitors' rate releases to ensure that they are on the right end of the market share war in 2024. To mortgage holders it's great news with more decreases almost certainly set to come.
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Alastair Hoyne
CEO, Finanze Capital at Finanze Capital
Coming so soon from their other rate reductions, it's clear Halifax means business. This sends out a message to other lenders who will hopefully follow suit. A great start to the New Year for borrowers hoping to see rates reduce and are worried about coming off historically low fixed rates. Let's see what the rest of the industry does now. It's one massive start to the New Year.