The Halifax has the lowest 2-year fixed rate ever, at 0.83% up to 60% of the loan-to-value ratio (LTV).
In addition, the lender is also launching a 5-year fixed rate at 1.03% and a 10-year fixed rate at 2.07%.
Halifax is the latest lender to enter the less than 1% space for borrowers with large deposits.
Average UK townhouse now 8.1 times city income
Doug Miller, Director of Lansdown Financial Services, said, âThese are absolutely exceptional products for two and five year fixed rate agreements.
âI predicted a rate war when HSBC launched market-leading products in June, and with Nationwide and now Halifax offering deals below 1%, the market is becoming fiercely competitive among lenders as the housing market shows. its first signs of slowing down.
âWith their flexible underwriting and sensible approach to lending, the Halifaxes are expected to take the market by storm in the coming weeks with these new products.
âAs the rate war between lenders continues to drive interest rates down, like all good things, it will end shortly. For those who are in a position to buy or remortgage now, you are in an enviable position compared to all other mortgage holders in the UK! “
Iain Swatton, Head of Intermediaries at Dashly.com, added: âThis is the latest salute in the lender rate war, and fixed rates are not a silver bullet. For too long UK mortgage holders have paid a loyalty penalty at the end of their fixed rate and switched to a lender’s expensive standard variable rate and as a result are overpaying Â£ 5.3million from interests.
“But homeowners have more power than they realize and can make the market work in their favor by seeking advice from a qualified advisor to make sure they’re really getting the best deal – and potentially saving thousands. of dollars.”