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Halifax lowers rates; Melton BS ups max loan size – round-up
Halifax will make rate cuts of up to 0.19% for two- and five-year fixed rates within its homemover and first-time buyer range.
The changes to Halifax’s products come into force from 24 May.
Its two-year fixed rate at 60% loan to value (LTV) has gone down by 0.18% to 4.78%, and at 90% LTV, the rate has fallen by 0.19% to 5.43%.
The lender’s five-year fixed rate at 60% LTV has decreased by 0.17% to 4.45%, and at 75% LTV, the price has decreased by 0.14% to 4.56%.
Earlier this month, Halifax made an interest-only change.
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Melton BS ups maximum loan size
Melton Building Society will increase the maximum loan size across its LTV range.
For those borrowing between 75% and 80% LTV, the maximum loan size will stand at £1m. 90% LTV can secure up to £750,000 and 95% LTV can borrow up to £500,000.
For borrowers looking for loans up to £75% LTV in excess of the loan of £1m, Melton Building Society will launch two- and five-year fixed rates up to £2.5m.
The products will be available on a capital and repayment basis for those borrowing on an interest-only basis, and will be available up to 60% LTV.
Dank Atkinson, head of intermediaries at Melton Building Society, said: “At Melton Building Society, we are always looking for ways to support a broader range of borrowers, whether that’s through our products, criteria or responding to client and broker feedback.
“It’s well-documented that house prices have gone through a period of sustained growth for a number of years now. It’s clear the impact this has had on buyers, particularly those buying in the South, who have been experiencing significant challenges with higher-than-average house prices.
“Our aim is to offer a broader range of clients the option of a mortgage with Melton Building Society, and we’re committed to helping prospective homeowners and those looking to take their next steps on the property ladder.”