Halifax has just announced selected fixed rate cuts, which will go live from tomorrow. With a number of other major lenders announcing rate increases today and this week, Newspage asked brokers what’s going on.

Ranald Mitchell, director at Charwin Private Clients said, “Following a series of rate hikes by prominent high street lenders this week, Halifax has just delivered a massive mortgage curveball by announcing a reduction in fixed rates effective from tomorrow.

“Uncertainty continues to grip the UK housing market as mortgage rates fluctuate. In a tumultuous turn of events, the UK housing market finds itself ensnared in a whirlwind of uncertainty as mortgage rates continue to oscillate unpredictably.

“This unexpected move has left consumers and industry professionals alike in a state of disarray, grappling with the perplexing question of what direction the market will take next.

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“The chaos, conflicting signals and mixed messages are further fueling the prevailing sense of unease and instability within the housing sector.”

Rohit Kohli, director at The Mortgage Stop said, “In a week of relentless rate hikes from major lenders, it’s refreshing to see one of the big 6 taking a more pragmatic approach.

“After a week of lows, Halifax have delivered a high. We’ll have to wait and see what these reductions look like but this news from Halifax will give a small sigh of relief to borrowers who have been watching rates go upwards this week.

“This just underpins how unstable and unpredictable the UK mortgage market is at the moment.”

Craig Fish, director at Lodestone Mortgages said, “This move from Halifax stands out like a sore thumb, and shouts out loud that they need some business.

“They haven’t been priced very well of late, and its those lenders that have hiked their rates that have been reaping the rewards of their pricing strategy and winning all the business.

“Now its all eyes on Halifax and exactly what rates they will have on offer. We just hope that these rates have some life in them and wont be withdrawn in a matter of days.”