Halifax, one of the UK’s leading financial institutions, has announced a significant revision in its fixed remortgage rates for 2024.

The changes introduced by Halifax are set to support a variety of loan-to-value (LTV) options, catering to a wide range of borrowers. Here’s a breakdown of the key adjustments:

2-Year Fixed Remortgage Rates

• Up to 60% LTV: The rate has been reduced from 5.25% to 4.68%. This new rate is applicable for loans ranging from £100,000 to £1,000,000 and is available for both repayment and interest-only mortgages.
• Up to 75% LTV: Previously set at 5.64%, the rate has now been lowered to 4.81%.
• Up to 80% LTV: The rate has seen a drop from 5.88% to 5.41%.

5-Year Fixed Remortgage Rates

• Up to 85% LTV: The new rate is 5.08%, a reduction from the previous 5.48%.
• Up to 90% LTV: Marking a decrease from 5.68%, the rate is now set at 5.27%.

What This Means for Homeowners

These reductions in rates mean more affordable borrowing options for homeowners. Whether you’re looking to switch to a fixed-rate mortgage to secure a predictable repayment plan, or aiming to find a more cost-effective mortgage solution, Halifax’s new rates offer a range of possibilities.

Mortgage brokers across the UK are gearing up for what could be a series of further rate cuts from various lenders. This anticipation is driven by the recent downward trend in SWAP rates, which often influence the rates lenders offer to consumers.

Conclusion

Halifax’s latest move to reduce fixed remortgage rates is a significant development for homeowners looking to remortgage in 2024. With options available for a wide range of LTVs, and the potential for further cuts in the market, now could be an opportune time for homeowners to consider their remortgaging options.