Relief for homeowners as banks launch mortgage price war

Halifax plans to cut the cost of its loans by up to 0.71 per cent following major cuts by HSBC, TSB, and Nationwide."Halifax is making the single largest rate reduction I have seen from a high street lender," said Jamie Lennox from Dimora Mortgages.Halifax has slashed mortgage rates.The move gives homeowners hopes that mortgage costs have peaked after significant rises over the last 18 months.

From today, five-year fixed mortgages will drop from 5.99 per cent to 5.28 per cent for borrowers who have 40 per cent equity. Two-year deals have been slashed by 0.27 per cent. Meanwhile, prospective buyers with a 20 per cent deposit will pay 6.18 per cent.

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More big lenders join major banks in dropping mortgage rates as competition returns to marketMore mortgage lenders have announced cuts to their fixed rate deals in the latest signal that the market may be improving for borrowers CallumCMason reports:
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