Halifax has reduced the rates on its first-time buyer and home mover mortgages by up to 0.3 percentage points, while also cutting the maximum fee to £495.

New rates for home movers and first-time buyers include the following:

• 60-75% LTV 5 year fixed rates reduced by 0.2 percentage points with rates now from 2.74% (£495 fee) or 2.94% (£0 fee)
• 75-80% LTV 5 year fixed rates reduced by 0.3 percentage points with rates now from 3.04% (£495 fee) or 3.24% (£0 fee)
• 80-85% LTV 5 year fixed rates reduced by 0.3 percentage points with rates now from 3.54% (£495 fee) or 3.74% (£0 fee)
• 85-90% LTV 5 year fixed rates reduced by 0.3 percentage points with rates now from 3.94% (£495 fee) or 4.14% (£0 fee)

In addition, the maximum loan available has been increased to £1m on 0-60% and 60-75% LTV on Home Mover, First-Time Buyer and Remortgage £0 fee products.

Craig McKinlay, mortgages director at Halifax, said: “The reduction of rates within five-year range will support borrower’s needs for long-term stability, and demonstrates our ongoing dedication to helping home movers and first-time buyers looking to save money by taking out a mortgage with Halifax.“

“The removal of products with fees above £495 will allow more customers to benefit from a competitive mortgage with a zero fee option.”