Stephen Noakes

Britain will become 'a nation of renters within a generation' unless more new homes are delivered, according to a new survey by the Halifax.

Halifax has reduced their mortgage borrowing rates across all their mortgage products in a move that will please many people actively seeking to buy a new home, including first-time buyers.

Anyone who applies for a Halifax mortgage between now and 3 October will be entitled to a reduction of at least 0.30% off their mortgage rate until the end of next year.

Existing and new customers of Halifax's current account will benefit from a further 0.20% reduction - totalling a cut of 0.50% until the end of 2011.