Halifax has announced that it is lowering the interest rates for a select number of its fixed rate ten-year mortgage products, with these changes set to kick in straight away.

The lender has reduced the rate for its fixed rate ten-year 60% loan-to-value (LTV) product to 1.68%. Before, the interest rate for this loan stood at 1.93%, so the reduction is a substantial one. The fee for the mortgage remains the same at £999.

However, Halifax also has a similar product with the same LTV level that comes with no fee and it has cut the rate for that to 1.87% from its previous level of 2.01%. When it comes to the 75% LTV fixed rate ten-year loan, the rate has been reduced to 1.77% from the 2.33% it was before.

Again, the lender has also cut the rate for the same LTV loan minus the fee, reducing it to 1.93% from the previous rate of 2.41%. All of these mortgage products have a £25,000 minimum loan value, with the top amount available to borrow being £1m.

Lloyds Banking Group mortgages director Andrew Assam said that this enable borrowers to feel sure of set mortgage payment levels at a time of rising interest rates.

He then went on to add that the rate changes announced by Halifax put these loans among the best longer-term mortgage products around right now.

Any advisor who has completed a CeMAP course recognises rate reductions as a good thing, especially with so many other barriers to homebuying.

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