Halifax has announced that will raise mortgage rates for customers with smaller savings, starting from next Monday.
Homeowners who haven’t saved at least 25 per cent of the value of their property will pay 0.14 per cent extra, on top of the main interest rates.
In the other hand Halifax will encourage borrowers into putting down bigger deposits by reducing the rates by 0.1 per cent if they have a deposit of 25% or more.
In contradiction to rumours that Halifax was about to follow rival First Direct and stop borrowing to first time buyers. Halifax has revealed that will launch a range of mortgage deals for first time buyers, including a five year fixed rate deal at 5.69 per cent for 90 per cent of the property value.
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