Halifax bins controversial tracker mortgage collar

It says the move could benefit more than half a million of its existing borrowers and follows the Bank of England's (BoE's) decision today to cut the base rate by 100 basis points to just 2%, equal its lowest ever level. The small print in Halifax's mortgages meant it could increase the margin on tracker deals or change a negative margin to a positive if interest rates fell below a certain level. The restriction is known as a 'collar'. It says it will now pass on the full BoE cut for its existing tracker customers and will do the same for any future reductions. It adds it will make a 0....