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Capital Fortune today praised Halifax for cutting 31 of its current rates by up to 0.40% across its fixed and tracker products. The London based mortgage advisers claim the increasing competition in the marketplace will result in larger savings to borrowers.

Capital Fortune, the campaigning mortgage advisers have been urging lenders to reduce margins and reduce the costs of borrowing to customers in order to increase liquidity in the housing market given the current crisis in confidence.

Rob Killeen , Business Manager ‘We are clear that when lenders compete, customers win. With a growing reduction in the number of lenders, banks and building society’s have been able to take advantage of the consumer by increasing margins. Having reduced their market share to 7% in the first half, Halifax the previous UK leader has been forced to lay down the gauntlet. We are now hopeful we will see further reactions from other lenders following suit’

Halifax have also introduced a number of new 0-60% loan to value products including a two year fixed rate at 5.59%.

Intelligent Finance and Birmingham Midshires are also reducing some of their mortgage rates . BM Solutions buy-to-let products have been reduced by up to 0.50% with announced cuts of up to 0.30% on its self cert mortgages .

Intelligent Finance has also introduced a new offset term tracker product at 6.09% proving great choice for clients requiring flexible mortgages. They have reduced offset fixed rates by up to 0.60% and their tracker range by 0.55%

It is believed that the HBOS Group have finally woken up to the reduction in market share and will commence an aggressive campaign to win back business in the second half.

Those currently coming to the end of their fixed rate deals are likely to significantly benefit.

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