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Halifax reduced rates welcomed
2 August, 2007
Moneyfacts.co.uk has welcomed Halifax's move to reduce three of its fixed rate mortgage deals.
Julia Harris, mortgage expert at Moneyfacts.co.uk, commented: "In almost of year of rising fees and rates, it's been a long time since we have seen a reduction in fixed rate mortgages. With swap rates falling slightly over the last few weeks, it's good news to see Halifax leading the way by making reductions to some of its fixed rate range.
"The three mortgage deals that have seen a rate cut are intermediary only deals. But a fall of up to 0.20% could see the average mortgage monthly payment fall by almost £16 a month.
Product rates cut were:
Old Rate: 6.09% to 30.11.09 New rate: 5.89% to 30.11.09 Change: - 0.20%
Old Rate: 6.19% to 30.11.09 New Rate: 6.09% to 30.11.09 Change: - 0.10%
Old Rate: 6.29% to 30.11.12 New Rate: 6.14% to 30.11.12 Change: - 0.15%
Harris continued: "Even with the reduction in rates, these products are far from market leading. Sub 6 per cent rates can still be found, with much lower fees too.
"But with Halifax historically leading the way in the mortgage market, we can but hope that this is a sign of things to come and that perhaps other lenders will pass on their cost reductions to the consumer as and when they can."