In a mortgage customer boost, Santander and Halifax both announced cuts in a range of mortgage interest rates, which would be a relief to remortgagers, landlords and homebuyers throughout the UK. In this article we will run through the latest Halifax and Santander Mortgage Rate Cuts, and what they could mean for borrowers in 2025.
Halifax Reduces Residential Rates by up to 0.10%
From tomorrow, Halifax Intermediaries will cut fixed rates by up to 0.10% within its home mover, first-time buyer (FTB), remortgage and product transfer ranges.
Highlights are:
- FTB and home mover deals to enjoy up to 0.10% reductions on selected fixed-rate products.
- Extended completion periods will also be offered on these product lines, giving borrowers more time to finalize their deals.
- Halifax has been seen to be making a tactical move in a bid to keep up with shifting market forces and increased rate sensitivity among consumers.
Santander Lowers Fixed Rates by Up to 0.16%
From Wednesday, Santander will also be reducing rates on its new business and product transfer mortgage ranges, including buy-to-let (BTL) products.
Headline reductions include:
- Up to 0.16% cut on some FTB new-build products (such as 85% LTV five-year fix now 4.21% with £999 fee and £250 cashback).
- No-fee equivalent decreases to 4.34% with £250 cashback.
- BTL purchase and remortgage rates fall by up to 0.10%.
- Residential two-, three- and five-year remortgage fixes reduced by as much as 0.10%.
- Product transfers see reductions of as much as 0.10%, especially in 85% LTV products.
- Large loan rates and tracker mortgages are unchanged.
What Does This Mean for Borrowers?
The rate cuts represent a better trend in lender sentiment and could indicate a heightened sense of confidence in stability in the market or a response to reduced mortgage activity during the past few months.
Mortgage Professional Opinion
London Mortgage broker Oportfolio marketing director Louis Mason said:
“These cuts, small as they are, are welcome. Halifax and Santander are clearly following the road to entice summer buyers and those coming up to remortgage deadlines, For those who are first-time buyers and have higher LTVs, the cashback offers and longer completion times are especially helpful.”
Takeaway for Mortgage Shoppers
If you’re in the market to buy, remortgage, or switch deals, now may be a good time to compare offers, especially for those with higher loan-to-value ratios or those eyeing new-build homes. Give our team at Oportfolio Mortgages a call today to speak to a mortgage expert.
