Halifax 'to change mortgages'

Halifax, one of Britain's biggest mortgage lenders, is planning to announce changes to the prices of several of its products today, it has been reported.

The lender will reduce the price on some of its deals, while increasing that on deals where the borrower cannot raise a large deposit, reports Reuters.

A statement from the bank said: "As a major mortgage provider, Halifax continues to focus on delivering good value products and rewarding customers for prudency."

The moves are the latest in a series of changes in rates by lenders, some of which have gone up and some down.

In addition to this, fees and deposits have gone up, with one recent example being that of Abbey, which raised the arrangement fee for those with a five per cent deposit on its five-year fixed-rate loan to £2,499.

The uncertainty in the market caused by such fluctuations may prompt some homeowners to consider renovation as a way of meeting their developing housing needs, rather than looking to move up the ladder in the current climate.