Halifax and the Bank of Scotland to cut mortgage rates

  • Story by: Gemma Westacott
  • Magazine: FTAdviser
  • Published Friday , July 25, 2008

Halifax and the Bank of Scotland have made a number of reductions to 45 mortgage products.

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The new rates for both lenders are effective from tomorrow (26 July) and represent Halifax's ninth decrease in rates so far this year.

Halifax is reducing rates on 16 products by up to 0.30 per cent, while Bank of Scotland is reducing rates on 29 products by up to 0.45 per cent.

In addition, Bank of Scotland is launching a number of products, including a 10-year fixed rate and a number deals for customers borrowing over £500,000.

Meanwhile, Newcastle Building Society has launched a range of fixed-rate mortgage products available up to 75 per cent loan-to-value (LTV), starting at 5.95 per cent.

Newcastle is offering a three-year fixed product at 6.05 per cent with a £999 completion fee and £99 reservation fee, and a five-year fixed mortgage at 5.95 per cent with a £1,399 completion fee and £99 reservation fee.

A 10-year fixed rate product is also available at 5.95 with a £999 completion fee and £99 reservation fee. All are available from loans between £15,000 and £500,000 and early repayment charges of 3 per cent of the outstanding balance apply for the fixed rate term.