Halifax Unveils 1.5-Year Fixed Rate Mortgage, TSB Updates Interest Rates

Halifax has launched a 1.5-year fixed-rate product for remortgages, offering rates starting at 4.37% and including £250 cashback on all options.

Details of Halifax’s New Product:

• 60% Loan-to-Value (LTV): 4.37% rate with a £1,499 fee, available for loans between £25,000 and £2m.
• 85% LTV: 5.25% rate with a £1,499 fee, available for loans between £25,000 and £2m.
• 90% LTV: 5.63% rate with a £1,499 fee, available for loans between £25,000 and £750,000.
• Amanda Bryden, head of Halifax Intermediaries & Scottish Widows Bank, commented:
  “Brokers have told us their clients want more short-term options. This launch provides the certainty of fixed payments with the added flexibility of a shorter term.”

Nicholas Mendes, technical manager at John Charcol, described the product as “interesting,” adding:
“This innovative product balances stability and flexibility, setting Halifax apart in the remortgaging market. Offering a shorter term than the typical two-year fixed rate allows clients to secure a fixed rate while keeping their options open for earlier reviews, particularly valuable in today’s uncertain rate environment.”

TSB Rate Adjustments:
TSB has made several changes to its product rates across various ranges:

Residential:

Five-year fixed rates for first-time buyers and home movers (90%-95% LTV) increased by 0.15%.
Buy-to-Let (BTL):

Two-year fixed house purchase and remortgage (0%-60% LTV): rates reduced by 0.10%.
Five-year fixed remortgage (0%-60% LTV): rates reduced by 0.10%.
Two- and five-year fixed (0%-75% LTV): rates increased by up to 0.30%.

Product Transfers:

Residential two-year fixed (80%-85% LTV): rates reduced by up to 0.15%.
Additional borrowing rates for BTL two- and five-year fixes increased by up to 0.30%.
These changes reflect TSB’s continued adjustments to align with market dynamics and client needs.