Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Halifax Raises Rates Despite Market Cuts
Halifax is increasing its mortgage rates by up to 12 basis points, even as other lenders such as Nationwide and Gen H have announced price reductions. The changes from Halifax will take effect tomorrow and apply to first-time buyer and homemover rates, which will rise by up to 12 basis points, while remortgage rates and product transfer deals will increase by up to 5 basis points.
Nationwide revealed yesterday that it would be cutting prices by up to 19 basis points on a range of products, citing lower swap rates as the reason for the reduction. Specialist lender Gen H has also responded to the drop in swap rates, cutting prices by up to 40 basis points. However, according to the report, none of the other major high street lenders have followed suit so far.
Brokers had expected Nationwide’s move to prompt similar reductions from other major lenders, making Halifax’s decision to raise rates a surprise in the current market context.
These developments are relevant for UK letting agents and inventory clerks, as changes in mortgage rates can influence property transactions, rental demand, and the overall housing market.
Source: Mortgage Strategy