Halifax slashes rates by one per cent; Skipton BS expands green offering – round-up
Affordability pressures to soften mortgage market in 2023, UK Finance predicts
December 12, 2022
Bank of England increases interest rates by 0.5% to 3.5%
December 15, 2022
Halifax has reduced home buyer mortgage rates by up to 101 basis points and added remortgage deals with rate cuts of up to 68 basis points.
This includes a five-year fixed mortgage at 90-95 per cent loan to value (LTV), which has a rate of 5.09 per cent, down from 6.09 per cent. This product has no fee.
There is also the five-year fixed mortgage at 80 per cent LTV, which has gone down from 5.28 per cent to 4.7 per cent.
Furthermore, Halifax has introduced a remortgage product at 90 per cent LTV which is fixed for five years and has a rate of 4.85 per cent, down from 5.48 per cent.
Skipton BS
Skipton Building Society has added three mortgages to its additional green borrowing range for people who need funds to make energy efficient renovations.
For residential borrowers, there is the two-year fixed product at 95 per cent LTV with a rate of 4.9 per cent and a five-year fixed equivalent priced at 4.75 per cent. For landlords, there is a five-year fixed buy-to-let product at 75 per cent LTV with a rate of 4.95 per cent.
All of the products have no fee and give borrowers access to loans ranging from £5,000 to £15,000. At least half of the loan must be used for green improvements.
These new products follow the mutual’s announcement of an £11m investment to help its borrowers make their homes greener.
Charlotte Harrison, head of mortgage products at Skipton, said energy efficiency was a “huge societal challenge” for which everyone needed to play their part.
She added: “It is only right that the business community steps up to the mark, and as a customer-owned organisation we’re not only reinvesting some of our profits to help our members save money and improve the energy efficiency of their homes through offering free EPC Plus reports and assessments, but we’re helping to also provide ways for them to make green changes to their homes.
“That’s why we’re delighted to add three new additional green borrowing products to our range, to encourage our customers to make green home improvements that will not only help reduce their future energy bills but will also help towards reducing their carbon footprint.”