The Halifax Bank has followed the Nationwide's increased deposit with a similar move. It also will now only offer it's best rates to the two-thirds of home buyers with at least a 25% deposit.
The Halifax now has 3 rates of lending, those borrowing less than 75%; those borrowing between 75% and 90% and those borrowing 90% to 95%.
Brokers will also no longer be able to arrange 97% loans, although Halifax branches will still offer these, with a premimu of 0.35% on the interest rate.
The changes will leave new borrowers with the Halifax and subsiduaries Bank of Scotland and Inteligent Finance better off by 0.1% if they are able to pay a 25% deposit, but 0.14% worse off if the deposit is 75% to 90%.
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