Halifax, the UK's largest lender, has reduced its fixed rate mortgages by up to 0.40 per cent (40 basis points) effective Friday July 15th.
Homeover, Remortgage, and First Time Buyer options all saw reductions with the degree of change depending on the term, LTV or ERC.
Homeover mortgages, available for those changing homes, saw the largest overall cuts, some as large as 0.50 per cent.
The smallest cuts were for the First Time Buyer mortgages, which rarely saw a cut above 0.10 per cent.
Halifax offers people purchasing their first home a menu of 'extras' designed to cut the cost of buying a property.
Halifax head of mortgage products Tim Anson said: "The cost of fixed-rate mortgages has fallen considerably over recent months in response to the money markets cutting the cost of borrowing."
All new Halifax mortgages offer interest calculated on a daily basis, overpayments, underpayments and payment holidays.
Mr Anson added: "For borrowers who want the peace of mind and certainty of payment that a fixed-rate mortgage offers, some of these deals will be very tempting indeed."To read more about mortgages, click here.
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