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Halifax slash rates for existing borrowers

Competition in the mortgage sector has intensified with Halifax offering over 100,000 of its borrowers a penalty-free switch to a lower loan rate.

Borrowers tied into the 7.74 per cent standard loan rate will now be able to change to a rate of 6.99 per cent without incurring a redemption charge, saving customers around £40 per month on a £60,000 mortgage.

Similar offers are being extended to non-tied borrowers paying Halifax&#39s standard variable rate.

The move follows HSBC&#39s reduction in its standard variable rate from 7.74 per cent to 6.75 per cent last month, piling further pressure on other lenders to slash their rates.

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