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Halifax follows TSB and NatWest with rate cuts: "It’s not just the weather hotting up"

ended 18. July 2024

Halifax has followed hot on the heels of NatWest and TSB in announcing rate cuts of up to 0.22% on selected products across its home mover and first-time buyer range. The cuts ( below) will go live from tomorrow. Newspage asked brokers fior their views, bottom.

  • Home mover and first time buyer products - rate reductions of up to 0.15% on selected products
  • Remortgage products - rate reductions of up to 0.22% on selected products
  • Product transfer and further advance products - rate reductions of up to 0.17% on selected products

10 responses from the Newspage community

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Stephen PerkinsVerified
Managing Director at Yellow Brick Mortgages
Halifax are refusing to be left behind at present, following reductions from Natwest and TSB. This is a lender keen to reassert its dominance as the UK's largest mortgage lender. This is welcome news for all borrowers and with all lenders confident on the direction of travel for rates, hopefully the Bank of England has received the same memo.
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Emma JonesVerified
Managing Director at Whenthebanksaysno.co.uk
It never rains but it pours. The rate cuts just keep on coming and it's great to see. Mortgage lenders do not appear to be singing from the same hymn sheet as the markets.
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Hannah BashfordVerified
Director at Model Financial Solutions
It’s not just the weather hotting up. Competition between lenders is reaching boiling point. What an incredible day of rate cuts given the wage growth and inflation information over the past couple of days. This is great news for borrowers and long may the competition last.
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Rohit KohliVerified
Director at The Mortgage Stop
Another major lender joins the rate reduction party with changes that affect home movers, first-time buyers and those looking to remortgage. We've made some borrowers very happy this week by being able to let them know we can switch them to a cheaper deal from what we secured for them previously. Long may it continue.
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Simon BridglandVerified
Director at Charwin Private Clients
Rate cuts sometimes come in quick succession, and today is exactly that. Many will take effect from tomorrow, so make sure you have up-to-date rates when comparing products and lenders. There are some good savings to be made if you’re smart. I wouldn’t delay by waiting for the base rate to fall, as it could be some time before that happens.
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David StirlingVerified
Independent Financial Advisor at Mint Wealth
Halifax are the latest of a host of lenders to drop rates this week - but you would wonder if they were already over-priced in expectation of the BoE rate cut in August, that now looks like it won't materialise. Either way any movement south from the lenders is most welcome moving into the traditional busy autumn period.
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Jack TuttonVerified
Director at SJ Mortgages
Interesting to see Halifax decide to make greater reductions on their remortgage products compared to their purchases products. This would suggest that they are targeting more remortgage business for the remaining half of the year. Could this be because they see the purchase market slowing down due to the base rate not looking like it will be cut until a lot later in the year compared to what was forecast more recently?
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Andrew MontlakeVerified
Managing Director at Coreco
The competition between lenders continues to simmer during the summer season as SWAP rates continue to drift down gently. This gives lenders room for manoeuvre and, after a slow pre-election period, lenders are keen to start motoring once more. It is still not quite an all-out rate war, but these initial skirmishes are intensifying.
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Craig FishVerified
Director at Lodestone Mortgages
Lenders know what they are doing and seem to be on the side of the consumer even if the Bank of England dont. Today has been like christmas with lender after lender reducing rates, and some quite chunky reductions too. If the MPC were as interested in helping mortgage holders the UK woudl be a better place.
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Dariusz KarpowiczVerified
Director at Albion Financial Advice
Another good news day. It might be the weather, the election worries are over, or the new government settling in, but it's great to see Halifax following NatWest and TSB with rate cuts. With inflation at the Bank of England's target, lenders are doing what they should – decreasing rates. This is a positive move for home movers, first-time buyers, and those looking to remortgage. Keep those changes coming.