Halifax reduces fixed rates and launches FTB capped tracker

Halifax has reduced its two and five year fixed rate mortgages and launched a capped rate tracker exclusively for first time buyers.

For homemovers, fixed rates have been reduced by up to 0.10% and for remortgages up by 0.16%.

And the capped rate tracker product will be available at Bank of England plus 1%, capped at 5.75%, for three years.

Borrowers can also extend the terms of FTB specific deals from two to three years to help FTBs keep their costs down for longer and there are no arrangement fees.

Craig Donaldson, head of mortgage products at Halifax, says: “A short-term fall in the cost of borrowing from the money markets has enabled Halifax to offer lower rates. By acting quickly borrowers can benefit immediately.”