Halifax reduces mortgage rate

Following the announcement by the Monetary Policy Committee of a 0.25 per cent reduction in the Bank Base Rate, Halifax will be reducing its standard variable rate (SVR) from 7.50% to 7.25.

As usual, the 0.25 per cent reduction for existing borrowers will come into effect at the same time as any changes in savings rates on 1st March 2008 (full details of which will be announced later this month).