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Halifax cuts rates: "It's great to see rates being cut again by a mortgage titan such as the Halifax"

ended 11. July 2024

Following Barclays earlier, Halifax has just announced rate reductions of up to 0.13% on selected homemover and first-time buyer products (see screengrab). Newspage asked brokers for their views, which can be found below.

6 responses from the Newspage community

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Ken James
Director at Contractor Mortgage Services
Halifax are throwing out breadcrumbs while other lenders are making much more robust rate reductions. Halifax are deciding that piecemeal reductions are the way they are going to hold onto their business. Don't get me wrong, borrowers will be more than happy to celebrate any rate cuts as they all help but it would be good to see rate cuts that will make a more significant impact on people's monthly mortgage payments.
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Simon Bridgland
Director at Charwin Private Clients
It's great to see rates being cut again by a mortgage titan such as the Halifax. Halifax are shouting for business in a market and the competition is heating up all the time. A win for borrowers.
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Justin Moy
Managing Director at EHF Mortgages
More positive news for homebuyers and first-time buyers. Halifax are the latest lender to reprice given falling Swap rates and the positive mood from being generated by a new government. It's just a shame their existing clients and remortgage borrowers will not feel quite the same way. A number of lenders actively moving on rates before any announcement by the Bank of England suggests they feel that first cut is on its way.
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Emma Jones
Managing Director at Whenthebanksaysno.co.uk
Hot on the heels of Barclays comes the Halifax with rate cuts of its own. The positive momentum in the mortgage market continues to grow and lenders appear to be competing aggressively for market share after a relatively subdued first half of the year. Things are looking brighter for borrowers all the time. Let's hope the Bank of England lowers the base rate at its next meeting.
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Ben Perks
Managing Director at Orchard Financial Advisers
Halifax give their rates a light trim. Whilst a 0.13% drop isn't groundbreaking, it doesn't have to be. It's a move in the right direction and struggling borrowers will be appreciative. Chapeau to the Halifax.
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Stephen Perkins
Managing Director at Yellow Brick Mortgages
Halifax following Barclays in announcing further cuts today will be welcomed by borrowers and provide more relief for many people on their mortgage payments. When the UK's largest lender reduces rates, even if only slightly, it has the potential to spearhead a new surge of rate drops across the market. This positive momentum is building nicely as we await the first base rate decrease in years.