Halifax launches new product as fixed-rates come of age

High street lender Halifax has celebrated the 21st anniversary of the fixed-rate mortgage by launching a new product.

The bank has introduced a new 21-month fixed-rate deal which allows homeowners to guarantee their mortgage payments over the next one and three-quarter years.

Stephen Noakes, mortgages commercial director at Halifax, said that in today's market, borrowers can select their product based on a number of factors - including the term, type and rate.

"It's easy for us to take that level of choice for granted, but before the introduction of fixed rates, borrowers simply didn't have access to the same options," he stated.

"Ever since their introduction 21 years ago, fixed rate mortgages have been fundamental for homeowners looking for certainty and stability in managing their household expenses, and this is an important milestone to mark."

Last week, the Council of Mortgage Lenders reported that gross mortgage lending fell by 32 per cent during January 2010.

The organisation said that the end of the stamp duty holiday had impacted upon the take-up of borrowing during the first month of the year.

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2010-02-22 14:30:09 © Moneyextra.com