From today, Halifax will reduce its mortgage affordability stress rate by 0.25% to 6.75% for new mortgage applications.
Ian Wilson, head of Halifax Intermediaries (pictured), said: “Reducing our mortgage affordability stress rate forms part of our ongoing commitment to providing a range of accessible, value for money products designed to meet the changing needs of borrowers, while continuing to support brokers in delivering for their clients as the market continues to evolve.”
This week, Halifax also withdrew its £1,000 cashback campaign, to be replaced by £500 cashback on first-time buyer products. At the same time, it reduced rates on a number of its fixed, tracker, new build, affordable housing shared equity/shared ownership and large loan products by up to 0.30%.
Halifax launched the £1,000 cashback offer for first-time buyers in August, which is paid automatically on completion and sent to the conveyancer.
A spokesperson for Halifax added: “We continually review our mortgage products and policies including regularly updating our promotional campaigns to ensure they offer extra value for customers through competitive pricing and excellent service.”
