Halifax Intermediaries has announced the launch of a new seven-year, no product fee mortgage deal and a number of rate reductions across its product range.

Product details:

• 5.89% fixed rate for seven years
• Available between 85-90% LTV
• For First Time Buyers only
• No product fee
• £500 cashback
• Available from tomorrow (Friday 14th), the new mortgage comes with no product fee, and customers are eligible to receive £500 towards their moving costs as part of the current offer on all first time buyer and homemover products.

“We are providing brokers with a very competitive product enabling them to offer their first time buyer clients; this seven-year product has been designed specifically with them in mind,” said Ian Wilson, head of sales at Halifax Intermediaries.

“With a 10% deposit, the certainty of monthly payments over a long period, the removal of upfront fees and £500 cashback at a time when they need it most – this offers a real solution for aspiring homeowners.

“In addition to this, we are making a number of changes to our product range and are pleased to be able to continue to support not only first time buyers, but the wider market. We’re offering competitive rates and have a good range of products for homebuyers and remortgage customers to choose from, supported by our strong service proposition.”

Halifax Intermediaries has also cut a number of selected two-year fixed and tracker products for homemovers, first time buyers and remortgage customers by up to 0.20 percentage points.

The changes to the two-year range include:

• 60% LTV fixed rates for homemovers and FTBs are being reduced by 0.20 percentage points now starting at 3.09%
• 0.60% LTV fixed rates for remortgage customers are being reduced by 0.20 percentage points now starting at 3.19%
• 0.75% and 75-80% LTV fixed rates for homemovers and FTBs are being reduced by 0.10 percentage points now starting at 3.59%
• 0-60% LTV trackers for homemovers and FTBS are being reduced by 0.15 percentage points now starting at 3.09%
• 0-75% LTV trackers for homemovers and FTBs are being reduced by 0.05 percentage points now starting at 3.59%
• 0-60% LTV and 0-75% LTV trackers for remortgage customers are being reduced by 0.20 percentage points with rates now starting at 3.14% and 3.64%
• No product fee two-year trackers are also being introduced at 80 and 85% for homemovers, first-time buyers and remortgage products