Huge boost for borrowers as major lender cuts rates by up to 0.2%

Borrowers have been urged not to miss out after another major high street lender announced rate reductions today. It comes as a number of UK announced cuts to the interest rates on some mortgage products as the Autumn budget - set to be unveiled by the Chancellor, Rachel Reeves, on November 26 - approaches, as per Yahoo Finance.

It comes as lenders step up efforts to get cautious would-be homeowners borrowing amid the slow housing market, the outlet reports. On Monday afternoon, Halifax announced cuts of up to 0.2% on selected remortgage, fixed rate and further advance products.

It also unveiled reductions of up to 0.11% on selected homemover and first-time buyer fixed rate products. The Halifax changes will reportedly come into effect tomorrow (Tuesday, November 4).

Meanwhile, BMI Solutions, Lloyds Banking Group's Buy to Let brand, announced cuts of up to 0.25% on selected buy-to-let fixed rate product transfer and further advance loans, with changes coming into effect today, Newspage reports.

Dariusz Karpowicz, Director at Doncaster-based Albion Financial Advice, said the changes could see borrowers saving hundreds of pounds per year, as per the news agency.

"Rate cuts are landing just when borrowers need them most, with Halifax and BM Solutions trimming costs across their ranges.

David Stirling, independent financial adviser at Belfast-based Mint Wealth, said: "Fantastic news for mortgage borrowers as both Halifax and buy-to-let specialist lender, BM Solutions, cut their rates.

"There is a bit of lender competition brewing with many lenders already cutting over the past fortnight.

"With the Autumn Budget looming and uncertainty in the back of everyone's minds, this is welcome news.

"If you've been sitting on the fence, now could be the perfect time to explore your choices and take advantage of this renewed competition among lenders."