Halifax, the UK’s biggest mortgage lender, is dropping rates on a range of home loans from today (19th September). This follows hot on the heels of similar moves by other lenders, meaning cheaper deals for anyone looking to buy a home.

How much are rates falling?

Halifax is cutting rates on some mortgages by up to 0.09% (that’s 9 basis points in mortgage jargon). This includes deals for:

• First-time buyers
• Home movers
• New build properties
• Affordable housing schemes
• Remortgages

Why are rates falling now?

According to experts, several factors have come together to make this a good time for lenders to cut their rates.

• The general election result removed some uncertainty from the UK economy.
• Inflation is falling and closer to the Bank of England’s 2% target.
• The Bank of England has already started cutting interest rates, with more cuts expected in the coming months.

Nicholas Mendes, a mortgage expert, explains: “These factors have brought stability to the market, giving lenders the confidence to reduce their prices.”

What does this mean for me?

Whether you’re buying your first home, moving up the ladder, or looking to remortgage, these rate cuts could save you money.

It’s a competitive market out there, so shop around and compare deals to find the best rate for you. Speak to a mortgage broker for expert advice.