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Cost of living crisis: Halifax joins rivals in cutting mortgage rates

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There are hopes the mortgage crisis which is causing misery for millions could be nearing an end.

Halifax, the UK's biggest mortgage provider, says it will cut rates on some of its fixed mortgage deals.

It will reduce rates by up to 0.71 percentage points from Friday, with a five-year fixed deal priced at 5.39% from 6.10%.

Other lenders such as HSBC, Nationwide and TSB have also cut some rates.

Soaring interest rates triggered by high inflation, have pushed up mortgage repayments for many by hundreds of pounds a month.

Full story: https://news.sky.com/story/halifax-becomes-latest-lender-to-cut-mortgage-rates-12937140

#costofliving #mortgagerates #bankofengland

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Category
World
Tags
the bank of england, economics, inflation
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