Halifax has lowered select mortgage rates and increased pricing on its one-and-a-half-year fixed rate.
The one-and-a-half-year fixed remortgage range has been increased by as much as 0.07%. These were launched late last year to give borrowers more shorter-term options.
Elsewhere, the lender has reduced rates across select remortgages by up to 0.3%, while select homemover and first-time buyer deals have been cut by as much as 0.11%.
Additionally, Halifax has reduced rates on product transfer and further advance options by as much as 0.3%.
The changes apply from 5 February.
Nick Mendes, mortgage technical manager at John Charcol, said: “With swap rates continuing to decline, lenders should have scope to reduce mortgage rates further. Lower interest rates help to ease borrowing costs, making mortgages more affordable and reducing financial pressure on both existing homeowners and prospective buyers.
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“However, other factors – such as lender margins, inflation, and broader housing market conditions – will also influence how quickly and significantly mortgage rates fall.”
Data from Chatham Financial showed the two-year swap fell from 4.4% at the start of January to 4.2% by the end of the month, while the five-year swap dropped from 4% to 3.9%.
Clydesdale Bank cuts mortgage rates
Clydesdale Bank has announced mortgage rate reductions, which will take effect from 5 February.
Within its core product range, select two- and five-year large loan and interest-only rates for residential borrowers will be cut by as much as 0.28%.
Certain two- and five-year product transfer rates, with and without a fee, will go down by up to 0.18%.
Across its exclusive products, Clydesdale Bank will reduce two- and five-year remortgage rates at 75% and 80% loan to value (LTV) by up to 0.1%, as well as two- and five-year large loan products by up to 0.28%.
Additionally, its residential product transfer exclusive rates will be cut by up to 0.16% at 65% LTV.
Further, the lender will reduce two- and five-year rates for professional borrowers at 65% LTV by up to 0.24%.
