Borrowers that apply for a Halifax mortgage between today (6 September) and 3 October 2010 will get a reduction of at least 0.30% off their mortgage rate until the end of 2011. Customers that have a current account will benefit from a further 0.20% reduction – meaning they'll see a reduction of 0.50% until the end of next year.
To coincide with the launch, Halifax is also introducing a new two year tracker, available to Homemovers and First Time Buyers. As part of the Great Rate Cut, the deal offers a rate of 2.49% until the end of 2011, followed by 2.79% for a further year.
New and existing current account customers can access a rate of 2.29% until the end of next year, when they'll move on to 2.59%. The tracker is available up to 60% LTV with a product fee of £1495.
A customer borrowing £150,000 on this product would save around £450 between now and the end of 2011 as a result of the rate cut.
Stephen Noakes, commercial director of mortgages at Halifax says:
"The Halifax Great Rate Cut sees us making significant reductions across our whole product range for homebuyers. We know that the first year in a new home can be expensive, so this rate cut should make a helpful difference for customers."
