Halifax has announced rate reductions of up to 0.25%, effective tomorrow.

The lender’s remortgage rates have been lowered by as much as 0.25% on two-, three- and five-year fixed rates.

Rates have also been cut by up to 0.24% on product transfer and further advance two- and five-year fixed rates.

Homemover and first-time buyer rates have been reduced by up to 0.05% on two-, three- and five-year fixed rates.

In addition, complete dates have been extended across homemover, first-time buyer, remortgage, product transfer and further advance products.

Elsewhere, BM Solutions has made rate cuts of up to 0.25%, effective tomorrow.

Product transfer and further advance rates have been trimmed by as much as 0.25% on two- and five-year fixed rates.

Complete dates have also been extended on product transfer, further advance, limited company buy-to-let (BTL), personal ownership BTL and let to buy.

Commenting on the rate changes, Trinity Financial product and communications director Aaron Strutt says: “The fixed rate mortgage price reductions are still coming through, but it seems unlikely there will be many more for a while. Mortgage funding costs have risen, and the lenders are almost certainly waiting to pass the price hikes on to borrowers.”

“Once one of the big banks makes a price increase the others will follow. HSBC has two-year fixes from 4.42% and five-year fixes from 4.58% and I suspect these will look like a bargain in a few weeks time, unless we start getting some better news from the Middle East.”

Meanwhile, Foundation has announced that it will be withdrawing all of its residential products as of 5:30pm tomorrow.

The lender say products will be replaced the next day.