Changes have been made to the Halifax remortgage offering, including a five-year fixed deal at 80% loan to value (LTV), which has been reduced from 5.26% to 4.93%. 

The two-year fixed option at the same tier has been lowered by 0.32% to a rate of 5.62%. 

Elsewhere, the two-year fixed remortgage at 60% LTV will be priced at 5% following a 0.19% reduction, while the 85% LTV option has gone down from 5.98% to 5.77%. 

Across Halifax’s five-year fixed options, the product at 75% LTV has been cut from 4.79% to 4.55% and the 85% LTV deal has been reduced from 5.28% to 5%. 

Halifax will also lower select product transfer and further advance rates, as well as extend select product end dates. 

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These changes follow rate reductions from Halifax earlier this month, where select pricing was lowered by as much as 0.22%. Today, Halifax also announced a Green Living Reward product, which offers £2,000 cashback to people who make energy-efficient changes to their homes.

 

Buckinghamshire BS launches five-year fixed rate RIO mortgage 

Buckinghamshire Building Society has launched a five-year fixed rate retirement interest-only (RIO) mortgage product, following feedback from brokers. 

The RIO is available up to 60% LTV and has a rate of 5.59%. It is available for purchase and remortgage purposes, but a desktop valuation will only be possible with remortgage applications. 

It has a minimum loan size of £50,000 and a maximum loan size of £1m. The product will be open to borrowers aged 55 and over on properties in England and Wales. 

The mutual will allow capital raising through the RIO and early repayment charges (ERCs) are applicable. 

Each case will be manually underwritten and assessed on an individual basis. 

Claire Askham, head of mortgage sales at Buckinghamshire Building Society, said: “We have observed a steady rise in demand for retirement interest-only products over the past 12-18 months and, more recently, numerous brokers have specifically requested a fixed rate feature due to the scarcity of such options in the current market. 

“In today’s changeable rate environment, there is a clear preference for more structured repayment methods, particularly among later life applicants, who are often on a fixed monthly income and seek the security of stable payments.”

She added: “Addressing this need is crucial. By offering a fixed rate RIO option, we aim to provide greater financial stability and peace of mind, benefitting the right type of borrower during their retirement years.”