Halifax joins rivals in cutting mortgage rates

Halifax is set to sharply cut rates on some of its fixed mortgage deals, potentially easing pressure on some homeowners.

Other big mortgage lenders have been lowering rates this week, with some experts suggesting it could be a sign that high inflation - which measures the rate of price rises - is easing.While inflation has slowed, at 7.9% it remains nearly four times higher than the Bank of England's 2% target. There is no sign of a return to the ultra-low mortgage interest rates of less than 2%, which many would have seen on their previous deal. Before rates started to rise in December 2021, there had been a decade of low household borrowing costs.Among the rate reductions, HSBC has cut some homebuyer, first-time buyer and re-mortgage rates on offer by up to 0.35 percentage points, as well as adding a £500 cashback incentive to some deals.

New research on Thursday from the Royal Institution of Chartered Surveyors suggested that the jump in mortgage rates was weighing heavilyon consumers.Meanwhile, new data shows that the number of homeowners with mortgage arrears rose in the three months to June. The business said it had completed 4,249 new builds over the period, down from 6,652 in the same period last year.

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