Mortgage News
Halifax launches 0.98 per cent broker-only tracker mortgage
Halifax has introduced a broker-exclusive, two-year tracker mortgage at 0.98 per cent interest.
The rate is available for home movers at up to 60 per cent loan-to-value, with a £999 fee.
Alongside the tracker, the lender introduced a two-year fixed rate for home movers at 1.05 per cent, with a fee of £1,499. Or with a £999 fee, it’s 1.08 per cent.
The fixed rate is available through brokers and direct.
David Hollingworth, associate director, communications, at London & Country Mortgages, said: “The main battleground has been fixed rates, but this poses the question of whether trackers have a part to play. If you can squeeze that price down a bit below one per cent you pose the question, ‘do you need a fixed rate?’”
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“For some borrowers, they have the ability to deal with some fluctuation in cost.
“Getting below one per cent is eye-catching,” Hollingworth said.
“The competitive market we’re in means that lenders will consider all areas of the business and whether they can be doing more to grab a little bit more business.
“They have also pushed down the two-year fixed rates to new lows. We’re getting into that territory of ‘will someone be tempted to go for it with a sub-one per cent fixed rate?’,” he added.