Halifax pulls in opposite direction by reducing fixed rates

Halifax Intermediaries bucked the trend last week and cut the rates on its two-year fixes by up to 0.70%.

Its two-year home buyer fixed rate mortgage available up to 60% LTV has been reduced by 0.70% to 3.19% and its two-year homebuyer fixed rate up to 75% LTV has been trimmed by 0.50% to 3.59%.

It has also cut the rates on a number of its remortgage deals.

The reductions come at a time when a number of other lenders are either pulling or increasing their fixed rates.

Skipton Building Society with-drew all of its two-year fixed rates last Thursday and will not relaunch them until February 21.

Santander has also pulled its 3.09% two-year fix.

Aaron Strutt, product and com-munications manager at Trinity Financial, says: “We have not seen so much action for a couple of years and for the moment getting a fixed rate mortgage is certainly more expensive.

“Halifax reducing its rates is great news and the fact it is doing it at a time when everyone else is increasing theirs shows they were probably too high in the first place.”