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Halifax launches new stepped fixed-rate mortgages

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Halifax has unveiled details of a range of new mortgage products that it claims represents the lowest stepped fixed rate mortgage deals in its history.

Stepped mortgage products work by offering low mortgage rates during the first year of the deal to help new homeowners adjust to any unexpected financing problems, such as having to refurbish the property or pay stamp duty.

'Low start' helps borrowers to plan their finances over a longer time frame - whether they are buying for the first time or moving home, explained Mark Heaton, head of mortgages at Halifax.

And the financial services provider has now launched deals such as a five-year fixed-rate mortgage product with a 90 per cent low-to-value and mortgage rates of 1.99 per cent in the first year and 5.99 per cent thereafter.

The product has an arrangement fee of �1,999 and represents the lowest introductory mortgage rate offered by the banking company in its stepped mortgage range.

Earlier this week, HSBC announced the launch of a new five-year fixed-rate standard mortgage product, which has mortgage rates of 5.55 per cent for the entire life of the deal.

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