The changes to mortgage rates at Halifax will come into force from tomorrow.
For homebuyer products, which include new build and affordable housing deals, there will be cuts of up to 0.59 per cent.
Its two-year fixed rate at 90 per cent loan to value (LTV) has gone down by 0.59 per cent to 4.84 per cent. At 95 per cent LTV, the rate fell by 0.31 per cent to 5.2 per cent.
The lender’s first-time buyer five-year fixed rate at 90 per cent LTV has been cut by 0.53 per cent to 4.44 per cent.
Within the remortgage range at Halifax, which covers large loans and affordable housing deals, two-year fixed rates up to 60 per cent LTV will go up by 0.12 per cent, and at 75 per cent LTV, prices will increase by 0.02 per cent.
The same changes have been made to its product transfer and further advance products.
The latest changes follow Halifax slashing select mortgage rates in January.
The Cumberland BS cuts rates by up to 0.5 per cent
The Cumberland Building Society (BS) has lowered fixed rates by up to 0.5 per cent, with pricing starting from 4.26 per cent for a two-year fixed rate and 3.93 per cent for a five-year fixed rate.
The lender said that the cuts were “welcome news for the large number of homeowners nationally whose current mortgage deal is due to end”.
Jack Green, mortgage hub manager at the Cumberland BS, said: “We’ve come across remortgage customers whose payments have increased by hundreds of pounds or, in some cases, more than £1,000 per month.
“We want to support our customers to keep their monthly payments as low as possible. Our new fixed rate products could help them achieve this.”
He added: “Remember, you have options. You don’t have to stay with your existing lender. Find out when your deal ends and speak to an adviser in plenty of time or shop around. Don’t leave it to the last minute, or you could end up on your lender’s standard variable rate (SVR), which means you’ll be paying more than you need to.”
