There is no product fee and customers are eligible to receive £500 towards their moving costs.
Halifax says it has been able to offer the product as a direct result of receiving cheap funding via the Government’s Funding for Lending scheme.
The lender has also reduced a number of two-year fixed rate and tracker products for home movers, first-time buyers and remortgage customers by up to 0.2 per cent.
The changes to the two-year range include:
- 60% LTV fixed rates for homemovers and FTBs are being reduced by 0.20% now starting at 3.09
- 0-60 per cent LTV fixed rates for remortgage customers are being reduced by 0.20 per cent now starting at 3.19 per cent.
- 75-80 per cent LTV fixed rates for homemovers and first-time buyers are being reduced by 0.10 per cent, now starting at 3.59 per cent.
- 0-60 per cent LTV trackers for homemovers and FTBS are being reduced by 0.15 per cent, now starting at 3.09 per cent.
- 0-75 per cent LTV trackers for homemovers and FTBs are being reduced by 0.05 per cent, now starting at 3.59 per cent.
- 0-60 per cent LTV and 0-75 per cent LTV trackers for remortgage customers are being reduced by 0.20 per cent with rates now starting at 3.14 per cent and 3.64 per cent respectively.
- No product fee two-year trackers are also being introduced at 80 and 85 per cent for Homemovers, FTB and remortgage products.
Halifax Intermediaries head of sales Ian Wilson says: “We are providing brokers with a very competitive product enabling them to offer their first time buyer clients a 7-year product has been designed specifically with them in mind. With a 10 per cent deposit, the certainty of monthly payments over a long period, the removal of upfront fees and £500 cashback at a time when they need it most – this offers a real solution for aspiring homeowners.”