Halifax launches new fixed-rate mortgage
Fixed-rate mortgage just celebrated its 21st anniversary and Halifax celebrated by launching a new product.
The new product is a 21-month fixed-rate deal that allows homeowners to guarantee their mortgage payments over the next one and three-quarter years.
Mortgages commercial director at Halifax, Stephen Noakes, said that in today’s market, borrowers can select their product based on a number of factors – including the term, type and rate.
“It’s easy for us to take that level of choice for granted, but before the introduction of fixed rates, borrowers simply didn’t have access to the same options,” he stated.
“Ever since their introduction 21 years ago, fixed rate mortgages have been fundamental for homeowners looking for certainty and stability in managing their household expenses, and this is an important milestone to mark.”
The Council of Mortgage Lenders last week reported that gross mortgage lending fell by 32 per cent during January 2010.
The organisation said that the end of the stamp duty holiday had impacted upon the take-up of borrowing during the first month of the year.