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August 22.2025

2 Minutes Read

TMW Lowers Switcher Rates While Halifax Adjusts Mortgages: Key Insights

TMW reduces switcher rates illustrated with a house and percentage cubes.

TMW's Rate Reductions: What's Changing for Borrowers

The Mortgage Works (TMW) is taking steps to benefit its existing borrowers by cutting switcher rates by up to 0.25% on select mortgage products. Effective from August 15, these adjustments apply mainly to limited company buy-to-let (BTL) mortgages and houses in multiple occupations (HMOs). For instance, among the highlights is a two-year fixed-rate mortgage at a 75% loan-to-value (LTV) that is now priced at 3.94%, down from 4.04%, due to a 0.10% reduction.

Additionally, TMW is also making reductions on fee-free products which include a two-year fix now available at 5.54% and a five-year fix now at 5.19%. Joe Avarne, senior manager at TMW, emphasized that these changes are part of the ongoing strategy to provide landlords with more competitive rates, ultimately promoting stability in the market.

Halifax's Strategic Adjustments: A Mixed Bag of Changes

In contrast to TMW's proactive reduction strategy, Halifax is implementing both increases and decreases in its mortgage rates, with adjustments affecting both first-time buyers and homemovers. Starting tomorrow, some selected fixed-rate mortgages will see increases of up to 0.05%, while certain two-year fixed rates at 90% LTV will be reduced by as much as 0.17%. This shift by Halifax comes on the heels of previous price cuts, which had dropped some rates below 4% earlier this month.

Halifax's mixed approach reflects the evolving mortgage landscape, responding to market demands and competition. The bank's decision to adjust rates in both directions indicates a strategic balance aimed at sustaining interest amidst fluctuating cost conditions in the housing sector.

What This Means for Consumers and the Market

Consumers may perceive TMW's reductions as a significant opportunity to lock in lower rates, especially in a climate where borrowing costs remain a critical concern for many. On the other hand, Halifax's approach may cause some confusion; however, strategic cuts for first-time buyers uphold their commitment to enhancing access to homeownership. Stakeholders in the financial sector should stay alert to these evolving trends, as such adjustments can offer insights into broader economic conditions.

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TMW Lowers Switcher Rates While Halifax Adjusts Mortgages: Key Insights

TMW's Rate Reductions: What's Changing for Borrowers

Halifax's Strategic Adjustments: A Mixed Bag of Changes

What This Means for Consumers and the Market

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