Halifax intros sub-4% mortgage; April cuts rates – round-up

Halifax has reduced rates and brought in its own sub-4% mortgage deal.

A five-year fixed product at 60% loan to value (LTV) now has a rate of 3.99% following a 0.07% reduction and is available to homemovers and first-time buyers. The product also has a £999 fee. 

Halifax now joins other lenders in offering a mortgage with a rate below 4%. It follows the likes of Nationwide, HSBC, and Barclays, the latter of which launched its 3.84% rate from today.

Halifax has made cuts of up to 0.16% to its range, effective from 9 August. 

This includes a five-year fixed deal at 90%, priced at 4.84% following a 0.16% cut.

Across its two-year fixes, a 60% and 80% LTV option have both been reduced by 0.1%, bringing the rates to 4.36% and 4.83% respectively. At 90%, a two-year fixed rate has been lowered by 0.11% to 5.24%. 

All products have a £999 fee. 

April Mortgages makes rate reductions 

Longer-term lender April Mortgages has reduced rates across its products that have fixed terms between five and 15 years. 

This includes reductions of up 0.1%, and pricing now starts from 4.8% for a five-year fix, 4.85% for a 10-year fix and 4.95% for a 15-year fixed mortgage rate. 

April Mortgages said the changes were made as part of a simplification of its range. 

The lender launched to market earlier this year, with a range of products that sees the interest rate decline as borrowers build up equity and fall into lower loan-to-value (LTV) bands. 

Since launching, April Mortgages partnered with a number of brokers to broaden its distribution across the mortgage intermediary sector, including Coreco, Tembo Money and SPF Private Clients.

It recently amended its criteria to lend up to six times a borrower’s income.

James Pagan, director of product and portfolio management at April Mortgages, said: “April Mortgages is determined to bring true peace of mind to the nation’s mortgage borrowers and brokers, and these rate reductions make the prospect of securing a longer-term fixed rate even more attractive. 

“As with our recent move to increase the loan-to-income ratios on offer up to six times income, April Mortgages is committed to listening to brokers about what borrowers really need, and delivering tangible change. We know that these products can make a real difference to borrowers, and are committed to reaching as many as possible by working closely with brokers.”