Halifax latest lender to cut rates

Halifax has become the latest lender to issue cuts in its mortgage rates, following in the footsteps of Nationwide, Abbey and Woolwich.

Confirming its eighth cut in 2008, Halifax said 20 of its existing 45 fixed-rate products for will reduce by up to 0.15 per cent.

Typical of the cut is a 0.15 per cent cut in a five-year fixed-rate deal, which will see the cost of the product fall from 6.49 per cent to 6.34 per cent on a maximum of 75 per cent loan-to-value (LTV).

BM Solutions, Bank of Scotland (BoS) and Intelligent Finance – all part of the HBOS group – have also announced they will be reducing some of their mortgage rates.

For example, four of the six Bank of Scotland buy-to-let products will see rates reduced by up to 0.25 per cent, while three out of the eleven self cert trackers will be reduced by up to 0.10 per cent.

Similarly, three out of BM's seven existing buy-to-let products will be reduced by up to 0.20 per cent.

Finally, Intelligent Finance is also reducing 15 out of its 22 tracker products by up to 0.30 per cent.

Across the group, 48 mortgage products are decreasing.

The new rates are effective from Saturday July 19th.

Chris O'Toole