{"id":1082,"date":"2024-01-03T11:11:19","date_gmt":"2024-01-03T11:11:19","guid":{"rendered":"https:\/\/ventil.rs\/blog\/business\/halifax-cuts-mortgage-rates-in-new-hope-for-home-buyers\/"},"modified":"2024-01-03T11:11:19","modified_gmt":"2024-01-03T11:11:19","slug":"halifax-cuts-mortgage-rates-in-new-hope-for-home-buyers","status":"publish","type":"post","link":"https:\/\/ventil.rs\/blog\/business\/halifax-cuts-mortgage-rates-in-new-hope-for-home-buyers\/","title":{"rendered":"Halifax cuts mortgage rates in new hope for home buyers"},"content":{"rendered":"


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Homeowners<\/a> bracing for their two-year fixed mortgage<\/a> deals to end could be spared thousands of pounds in higher interest repayments after major lenders<\/a> kicked off the new year by slashing rates.<\/p>\n

Rapid rises in the Bank of England<\/a>\u2019s base rate over the past two years from historically low rates to their current 15-year high of 5.25 per cent have fuelled anxiety for tens of thousands of homeowners whose time to renegotiate expiring fixed-rate deals is approaching this year.<\/p>\n

But with competition among lenders growing fiercer in a slow market eyeing multiple cuts to the Bank of England\u2019s base rate this year, Britain\u2019s biggest lender Halifax<\/a> kickstarted 2024 by cutting its fixed mortgage rates<\/a> by nearly 1 per cent on Tuesday.<\/p>\n

Slashing its rates across its two-year, five-year and 10-year fixed deals by up to 0.83 per cent, Halifax also cut rates by up to 0.92 per cent for its existing customers. <\/p>\n

Halifax\u2019s cheapest two-year deal for customers with at least 40 per cent equity in their home is now 4.68 per cent, with a \u00a3999 fee \u2013\u00a0compared with an average of 5.93 per cent for two-year fixed deals across the wider market, according to Moneyfacts.<\/p>\n

The building society\u2019s 0.83 per cent cut on two-year fixed deals \u2013 from 5.64 to 4.81 per cent \u2013 would see monthly repayments on a 25-year mortgage for a \u00a3250,000 property fall by \u00a3122 a month from \u00a31,556 to \u00a31,434, saving homeowners \u00a31,464 a year.<\/p>\n

Leeds Building Society<\/a> also cut rates on its mortgage deals by up to 0.49 per cent, with its cheapest two-year fixed now sitting at a rate of 4.6 per cent.<\/p>\n

It comes after inflation fell back to 3.9 per cent in November, increasing pressure on the Bank of England<\/a> to start cutting interest rates<\/a> as both the economy and housing market slowed.<\/p>\n

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The number of new first-time homeowners with a mortgage fell from a 20-year high in 2021 to a 10-year low in 2023, according to the Yorkshire Building Society <\/p>\n<\/div>\n

(Getty Images)<\/p>\n<\/figcaption><\/figure>\n

This larger-than-expected slowing of price rises \u2013 well below prime minister Rishi Sunak\u2019s target to halve inflation from 10 to 5 per cent by the end of 2023 \u2013 and Threadneedle Street\u2019s decision to keep its base rate at 5.25 for a third consecutive month had both served to fuel anticipation of further falls in the mortgage market.<\/p>\n

\u201cWe\u2019re expecting lenders to come out of the blocks in January fighting because they\u2019ll be desperate to grab market share to make up for the lacklustre year they\u2019ve had in 2023,\u201d Riz Malik, of R3 Mortgages, told The Independent <\/em>at the time<\/a>.<\/p>\n

New estimates from Yorkshire Building Society suggest this week that the number of first-time buyers with a mortgage fell from a 20-year high of more than 400,000 in 2021 to a 10-year-low of just 290,000 just two years later \u2013\u00a0shrinking by a fifth.<\/p>\n

\u201cCome January there will be more of a smash and grab for business, and these guys will be a lot more competitive,\u201d Mr Malik said, adding: \u201cIt might take the first quarter for people to start getting going, but we\u2019re already seeing the green shoots \u2013 more enquiries from first time buyers, especially where rents have gone up quite dramatically over the year.\u201d<\/p>\n

But leading economists also warned<\/a> last month that mortgage owners coming off fixed rate deals agreed two years ago would still face \u201ca very different world\u201d, while Britain\u2019s slowing economy and higher mortgage costs mean living standards will \u201cremain pretty desperate\u201d.<\/p>\n<\/div>\n


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Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Homeowners bracing for their two-year fixed mortgage deals to end could be spared thousands of pounds in higher interest repayments after major lenders kicked off the new year by slashing rates. Rapid rises…<\/p>\n

Read More “Halifax cuts mortgage rates in new hope for home buyers”<\/span> »<\/a><\/p>\n","protected":false},"author":1,"featured_media":1083,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/static.independent.co.uk\/2024\/01\/03\/08\/iStock-1434470550.jpg?quality=75&width=1200&auto=webp","fifu_image_alt":"","footnotes":""},"categories":[3],"tags":[],"class_list":["post-1082","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nHalifax cuts mortgage rates in new hope for home buyers - Breaking News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ventil.rs\/blog\/business\/halifax-cuts-mortgage-rates-in-new-hope-for-home-buyers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Halifax cuts mortgage rates in new hope for home buyers\" \/>\n<meta property=\"og:description\" content=\"Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Homeowners bracing for their two-year fixed mortgage deals to end could be spared thousands of pounds in higher interest repayments after major lenders kicked off the new year by slashing rates. 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