Halifax launches new 25 year fixed rate mortgage

Halifax, UK mortgage lender, today announces the launch of a new 25 Year Fixed Mortgage at a rate of 6.39 per cent.

The mortgage will be available from Thursday 2nd August at any of the 1,100 Halifax and Bank Scotland branches or via mortgage intermediaries.

Halifax already offers a 10 Year Fixed Mortgage at a rate of 6.29 per cent, with a product arrangement fee of £499. The 25 Year Fixed Mortgage has a product arrangement fee of £599.

Flexible Security

The new 25 Year mortgage means homeowners can balance the security of a fixed interest rate with a range of flexible features built into the product.

Joe Higgins, head of mortgages at Halifax, said: "The Chancellor recently called on lenders to ensure that longer term fixed rate mortgage products are more widely available. We have extended our range to include a 25 year fixed rate mortgage in addition to the existing 10 year product already available."