Effective from tomorrow (Friday 18th October) Halifax will implement several changes to its mortgage product offering.
The bank is increasing rates on both its 2-year and 5-year fixed-rate mortgage products by margins ranging from 0.11% to 0.24%.
In addition to the adjustments on fixed-rate mortgages, Halifax will also raise rates on selected products within its product transfer and further advance categories.
These changes are expected to affect a wide range of borrowers looking to either remortgage or extend their existing loan agreements.
For mortgage brokers, the product search tool available on the Halifax Intermediaries Website, as well as the Halifax Intermediaries Online and other sourcing systems, will be refreshed with the new rates by Friday 18th October.
To benefit from the existing product codes and avoid the upcoming rate increases, brokers are advised to ensure that all applications are submitted in full by 8pm today (Thursday 17th October).
These adjustments by Halifax followed similar rate increases implemented by Barclays this morning.
Nicholas Mendes, mortgage technical manager and head of marketing at John Charcol, said: “Halifax has responded swiftly to the changing market dynamics following Barclays’ move this morning, as well as recent adjustments by Santander and NatWest in the past few days.
“This proactive approach helps Halifax secure its position in the competitive landscape and manage the increased business volumes triggered by competitor actions.
“Collectively, lenders have shown restraint in reacting to recent swap rate increases; however, the latest competitor repricing has placed them in a challenging position.”
He added: “The recent price adjustments are a minor setback, effectively bringing rates back to where they were four to six weeks ago, rather than signalling drastic changes.
“If you’re nearing the end of your current deal or beginning a new application, it’s advisable to act quickly, secure a rate now, and review your options regularly rather than delaying.
“While the market responded positively to yesterday’s inflation data, it is unlikely that many lenders will lower their prices immediately.
“Most will likely wait for the upcoming budget announcement before making any further adjustments.”
