Halifax will lower select fixed rate products by around 0.14% and increase the maximum loan for its First Homes deal to £1m.
The changes will come into force from 5 March, Halifax said.
Examples of rate changes include its two-year no-fee fixed rate at 90% loan to value (LTV) falling by 0.13% to 5.13% and its 95% LTV version decreasing by 0.14% to 5.41%.
The lender’s two-year fixed rate at 90% LTV with a £999 fee will go down by 0.13% to 4.87%, while its 95% LTV equivalent will decrease by around 0.14% to 5.15%.
Halifax has also increased the maximum loan size for the First Homes scheme from £300,000 to £1m, although the maximum purchase price after the discount is still set at £250,000 or £420,000 in London.
The First Homes Scheme, which was launched in 2021, allows first-time buyers to buy a new-build property at a discounted purchase price of between 30% and 50%.
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The maximum income stands at £80,000 or £90,000 in London, and there is a minimum deposit of 5% based on the discounted purchase price.
Halifax said there is also a minimum 50% LTV limit based on the discounted purchase price.
