Following its announcement this week that the minimum income eligible for its First Time Buyer Boost mortgage would be cut to £40,000, the lender has lowered pricing on two-, three- and five-year deals.
Up to 90% loan to value (LTV) and with no fee, the two-year fixed rate has been cut by 0.05% to 4.36%, while the deal at 90-95% LTV has been reduced by 0.09% to 4.83%.
With a £999 fee, the corresponding mortgages have been reduced by the same amounts to 4.16% and 4.63%.
For three-year fixes, the product up to 90% LTV has been cut by 0.05%, with the no-fee option priced at 4.62% and the £999 fee-paying mortgage at 4.97%. Meanwhile, the deal at 90-95% LTV has been reduced by 0.2% and the no-fee mortgage has a rate of 4.97%, or 4.8% with a £999 fee.
Across its five-year fixes, the mortgage up to 90% LTV has been cut by 0.02% and the product at 90-95% LTV by 0.08%. Now, the fee-free product up to 90% LTV has a rate of 4.39% or 4.28% with a £999 fee, and the fee-free deal at 90-95% LTV is priced at 4.85%, or 4.74% with a £999 fee.
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Lloyds Banking Group (LBG), the parent of Halifax, released a report this week suggesting that housing affordability for first-time buyers had fallen below six times income for the first time since 2015, due to eased mortgage rates and house prices.
