Britain’s largest mortgage lender has today announced sweeping cuts to the interest rates payable on its mortgage products.
Halifax, part of the Lloyds Banking Group, have announced reductions of up to 0.5% across its entire range of rates – including those in higher ‘loan to value’ bands.
“Halifax is committed to providing competitive mortgages and great service to our customers” said Craig McKinley, Mortgage Director at the Halifax. “The reduction in rates across our two and 5-year product range for first-time buyers, home movers and remortgage customers will enable us to continue to support first-time buyers and those moving up the housing ladder.”
Whilst many have waited with baited breath for news of rate increases over the past six months, this can only be positive news for the nation’s homebuyers.
“As the largest mortgage lender in the UK, Halifax is usually a bank that others like to follow where rates are concerned” said Ben Goble, a senior consultant at Contractor Mortgages Made Easy.
The company, who has this month again broken business records, is one of Halifax’s biggest introducers, which is good news for Contractors, as Ben explains.
“Halifax is traditionally the name that many think of when you think ‘Contractor Friendly’ lenders. Whilst this is certainly not the only option any more, it’s pleasing that one of the big hitters in the contractor market is treating its customers fairly.”
“With these reduced rates they are demonstrating their continued commitment to the nation’s Contractors and freelancers, and allowing many who previously thought it impossible, to buy their own homes.”
Typically, prime rate reductions are reserved purely for those with a sizeable deposit, however with this week’s cuts from Halifax, you could fix for two years at 3.24% with just a 10% deposit.
“Halifax will lend to a ‘day one’ contractor in any line of work, making then an extremely flexible proposition” adds Goble. “Historically, unless you were an IT contractor, you typically had to wait for at least two years’ trading history to have a chance on the high street.”
“With rates starting from just 1.14%, Halifax is already seen as an extremely competitive option. Add to that the ability to prove income from contract value alone, and they become an even stronger proposition.”
Article By: Mark McBurney, Senior Mortgage Consultant at Contractor Mortgages Made Easy
Media Contact: Raman Kaur, Public Relations Manager
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