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Halifax to cut rates by average of 0.15%

Halifax is cutting some mortgage rates by an average of 15 basis points.

The cuts will be made in both the broker and branch based business but is only for existing customers.

A spokesman says: “Our price reductions, for existing customers only, are on both our intermediary and branch based ranges. These price reductions reflect a recent, modest, reduction in the still very high cost of Libor related funding.

“This move ensures that, as always, there is a competitively priced mortgage range available for our customers coming to the end of their mortgage.”

The cuts will come into effect from 21 May.

For product transfer/further advance, fixed rates will be reduced by 0.20 per cent on 3 and 5 year £1,499 fee products. Rates will be reduced by 0.10 per cent on the remaining 3 and 5 year products.

Tracker rates will be reduced by 0.20 per cent on 3 year products. It has also opened up the loan availability to £2 million on the 0-75 per cent loan to value products.

The lender has reduced its Retirement Home Plan fixed rates by 0.20 per cent.


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