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Halifax Intermediaries adjust product range

ended 26. September 2022

Halifax Intermediaries today announced that, on Wednesday 28 September, it's making the following changes to its product range: Homebuyer including New Build, Affordable Housing – Shared Equity / Shared Ownership, Self- Build, Large Loans including equivalent Green Home and Remortgage products. All products with a product fee will be withdrawn close of business on Tuesday 27 September. You can see the new products >> here <<.  Today at 6pm, The Nottingham for Intermediaries also announced it is repricing a range of residential, BTL, holiday let, RIO and self build products. It is also withdrawing 14 additional products. We asked brokers for their views.

5 responses from the Newspage community

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Anil Mistry
Director and Mortgage Broker at RNR Mortgage Solutions
This is not a surprise move from the Halifax. Other lenders will almost certainly follow suit and wait to see what move the Bank of England’s Monetary Policy Committee takes prior to bringing back a full range of products. Right now, the interest rate arena is on red alert and all eyes are on the Bank of England.
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Imran Hussain
Director at Harmony Financial Services
Smash, bang and wallop, but sadly this is just the start. Many lenders will follow suit given that another rate rise, potentially this week, is looking imminent. Products will get chopped and changed quicker than we can all keep up. The mortgage market was already hectic and now it's going haywire. Swap rates for 2-year products are now above 5%. Compared to where we were a year or so ago, that's frankly insane.
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Scott Taylor-Barr
Principal Adviser at Barnsdale Financial Management
The Chancellor stood at the ballot box on Friday and delivered a mini-Budget for growth. He certainly managed that: since then, we've had growth in interest rates, growth in public borrowing, growth in uncertainty for Sterling and growth in concern for the UK economy. I'm not 100% sure that was the growth he had in mind and the immediate reaction from financial markets has not been kind. Halifax is one of a number of lenders to have repriced their deals following Friday's announcements and the growing talk of an emergency rate rise from the Bank of England. We're now looking at the vast majority of mortgages in their range being 4%+, which is an incredible rise when you consider the rates we could access not so long ago.
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Jamie Lennox
Director at Dimora Mortgages
The future is certainly looking bleak when the biggest lender in the UK pulls a big selection of their products on offer. The uncertainty around the risk of an emergency rate rise is likely to see other lenders withdrawing products or increasing rates dramatically until they know the extent of how this all pans out. The UK economy is on red alert and lenders and borrowers alike are having to keep a keen eye on what is a rapidly changing rate environment.
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Alastair Hoyne
CEO, Finanze Capital at Finanze Capital
In the world of mortgage brokers this is very unsurprising, we see rate changes every week now and have done for the last 6 months. This one is a real shocker amoung them though as almost all of the rates are 4%+. The other lenders if they haven’t already will certainly follow suit and increase their rates too off the back of the announcement on Thursday. Its upsetting to see especially those rates increasing on the affordable housing range as its that bracket of the population that are already struggling who are going to be among the worst hit by these inflated rates.