Halifax and Lloyds make big change to mortgages following Santander and Nationwide – do you need to act? [Video]

HALIFAX and Lloyds have made a big change to mortgages following similar adjustments by Santander and Nationwide.

The lenders have cut the length of time a borrower can lock in a new fixed-rate before their current deal expires.

It means homeowners coming off fixed mortgage deals will now need to act with more urgency.

The length of time that a borrower has to secure a new fixed deal is decreasing from six months from the end of their current mortgage to four months.

A fixed-rate mortgage means your monthly payments will stay the same for the length of the agreed term.

The change will come into effect on October 1 for new customers and those whose mortgage matures on or after February 1, 2025.

For those whose product matures before January, 31, 2025, it’s still …