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Halifax revitalises fixed-rate market with competitive deal

Halifax has finally stirred up interest in the fixed-rate mortgage market after several months of apathy, says Hamptons International Mortgages director Jonathan Cornell.

Halifax is offering a two-year fixed rate at 4.29 per cent up to 90 per cent loan to value, which is now available for purchases as well as remortgages. The deal is fee-free.

Cornell says Halifax was previously unwilling to capitalise on its size in the residential market by being overtly competitive but is predicting that the rest of the market will now have to respond aggressively.

Bradford & Bingley estimates that around 800,000 borrowers are coming to the end of cheap fixed-rate deals. Newcastle, Alliance & Leicester and Derbyshire have all followed Halifax by dropping two-year fixed rates over the last two weeks.

Cornell says: “This is the most interesting Halifax product for the past two years. Halifax’s rate profile has been boringly apathetic. Now everyone else will have to respond. It is sure to have a big impact on the residential market.”

Savills Private Finance director Simon Jones says: “Many borrowers may be wondering whether they should hold on for an even better deal but these rates are competitive and far better than the variable rate.”

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