Halifax Intermediaries will increase its large loan threshold from £500,000 to £650,000 on its Premier range, effective 27 July.

The lender says the change comes to “meet the needs of the evolving large loan market.”

The Halifax Premier large loan team will support mortgage applications of £650,000 and above, replacing the current £500,000 threshold.

Halifax says the increase comes as house prices across the UK have increased significantly over the past nine years, with many markets seeing growth of around 25% to 30%.

It suggests the current £500,000 threshold no longer reflects where the higher-value lending market begins.

The lender says: “We believe customers borrowing between £500,000 and £649,999 can be effectively supported through our standard residential proposition, without the need for the additional specialist support provided by its large loan service.”