Halifax has increased the maximum amounts of loans on affordable housing and new build products it offers, cutting rates on select mortgage ranges.
The changes stem from the bank’s desire to support first-time buyers and the new build market, according to Halifax’ mortgages director Craig McKinlay.
Shared equity and share ownership loans are now available in the amount of up to £350,000, compared to the earlier limit of £250,000.
The maximum amount of new build loans at loan-to-value (LTV) between 80 and 85 per cent was raised to £1 million from £500,000.
Loans for new builds at 85-90 per cent LTV are now going up to £750,000, compared to £500,000 previously.
Halifax has also cut rates for first-time buyers and homemovers on fixed and tracker mortgages at up to 75 per cent LTV. It has also lowered product transfer rates by 0.2 percentage points.
The reductions include:
Two-year fixed rate and tracker products for first-time buyers and homemovers:
- 60-75% LTV 2 year fixed rate products have been reduced by 0.15% with rates from 1.99% (£1,995 fee)
Product Transfer Rate reduction:
- 0-60% LTV 2 year fixed rate products have been reduced by 0.2% with rates from 2.17% (No fee)
