Halifax has just slashed their mortgage rates, and experts are predicting further cuts later this year!

Halifax, one of the UK’s biggest mortgage lenders, has announced a significant reduction in rates for those looking to remortgage. The new rate of 0.24% is a welcome change from the previous 0.11% and could mean savings for homeowners.

But that’s not all! There’s even more good news for first-time buyers and those moving home. Halifax has also reduced rates on these products, making it cheaper to get on or climb the property ladder.

And the good times could keep rolling! In a recent interview, Bank of England Governor, Andrew Bailey, hinted that the base rate could be cut even further if inflation continues to fall. This could see the base rate drop to 4.75% or even as low as 4.5% by the end of the year.

Commenting on the potential impact of these cuts, a Halifax spokesperson said, “If the Bank of England does decide to cut the base rate further, we could see a ripple effect across the mortgage market, with lenders offering even lower rates.”

This news comes as a welcome relief to borrowers who have been feeling the pinch of rising interest rates in recent months. With Halifax extending completion dates on all products, borrowers now have more flexibility and breathing room to take advantage of these lower rates.