Halifax reduces stress test rates following base rate cut


Halifax is passing on the Bank of England base rate cut by reducing the stress test rates for new mortgage applications.

Affordability tests will be reduced by 0.25 per cent to 6.75 per cent from September 27, following the BoE’s move to cut the base rate on August 4.

Halifax head of intermediaries Ian Wilson says: “Reducing our mortgage affordability stress rate forms part of our ongoing commitment to providing a range of accessible, value for money products designed to meet the changing needs of borrowers, while continuing to support brokers in delivering for their clients as the market continues to evolve.”