Halifax and Santander are the latest mortgage lenders to announce mortgage rate cuts as home loan prices continue to fall.
Halifax has reduced rates across a number of mortgage deals by 0.19 percentage points, while Santander has introduced rate cuts across its fixed rate deals by up to 0.16 percentage points.
The latest repricing follows on from NatWest, which reduced rates across a number of its fixed rate products earlier this week; its second round of rate reductions in little more than a week.
Last week, similar moves were made by Barclays and HSBC, which both announced mortgage rate cuts.
Halifax is now offering the lowest two-year fix on the market to those buying with at least a 40 per cent deposit.
Its 4.63% two-year fix comes with a £1,099 fee.
The average two-year fiixed mortgage rate is now 5.37%, down from 6.17% a year ago, according to Rightmove.
Halifax is also sitting very competitively for five year fixes for those buying or remortgaging with the largest deposits or equity.
Its lowest remortgage deal is 4.4% with a £999 fee while its best rate for home buyers fixing for five years is 4.26% – both of these are second lowest on the market.
The average five-year fixed mortgage rate is now 4.99%, down from 5.68 % a year ago, Rightmove data reveals.
Latest rates data
| LTV
(loan to value) |
Term
|
Average rate 3rd July 2024 | Lowest rate 3rd July 2024 | Average rate
a year ago |
|
95%
|
2 year fixed | 6.11% | 5.52% | 6.75% |
|
95%
|
5 year fixed | 5.67% | 5.15% | 6.08% |
|
90%
|
2 year fixed | 5.65% | 5.19% | 6.28% |
|
90%
|
5 year fixed | 5.16% | 4.71% | 5.82% |
|
LTV (loan to value) |
Term |
Average rate 3rd July 2024 | Lowest rate 3rd July 2024 | Average rate
a year ago |
|
85%
|
2 year fixed | 5.38% | 4.89% | 6.17% |
|
85%
|
5 year fixed
|
4.99% | 4.57% | 5.68% |
|
75%
|
2 year fixed |
5.22% | 4.74% | 6.03% |
|
75%
|
5 year fixed
|
4.86% | 4.38% | 5.56% |
|
60%
|
2 year fixed
|
4.82% | 4.63% | 5.85% |
|
60%
|
5 year fixed |
4.39% | 4.23% | 5.42% |
Source: Rightmove
