Major UK lender launches ultra short mortgage fix for first time – and you can get 250 cashback [Video]

ONE of Britain’s biggest mortgage lender has shaken up the market by offering a short mortgage fix of just 18 months.

Most borrowers tends to choose from a mortgage terms of two or five years which make up the vast majority of deals offered by lenders

But now Halifax is offering a 1.5 year fix for remortgaging borrowers with rates starting from 4.37% if you have a deposit of 40%.

You can also get the short fix with a smaller deposit of 10% but the rate jumps to 5.63% or at 85% loan to value the rate is 5.25%.

The deal also comes with a fee of £1,499, however, you can get cashback of £250 to take the overall cost down slightly.

The rates are in line with competitive two-year fixes albeit with a high product fee.

However, shorter deals can appeal to borrowers who are looking for more flexibility and believe that rates will start to come …