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Mortgage payments for the average household have soared by a fifth since the Bank of England first began its policy of raising interest rates to tame inflation, official data shows.
Big lenders become latest to reduce borrowing costs, joining four other UK home loan providers this week
Halifax, NatWest and First Direct are among a stream of major lenders announcing cuts to their mortgage rates.
Halifax has become the latest major mortgage lender to cut rates on its two-, five- and 10-year residential fixes by as much as 71 basis points. The county’s largest home loans business says its reductions cover first-time buyer, new build, large loans and shared equity products, which will come to market on Friday
The nation's largest lender, Halifax, is the latest bank to slash the cost of its loans, following on from cuts announced earlier this week by HSBC, TSB and Nationwide.