Express: Halifax launches unusually short fixed-rate mortgage:

Home loan giant Halifax is launching a new and unusually short, fixed rate mortgage to help buyers worried about interest rate volatility.

The interest rate will be fixed for 1.5 years rather than the conventional two, three or five years. The new deal comes against the background of reports that mortgage rates are relatively high at the moment and likely to fall over the next few years.

Launching a fixed rate running for 18 months means people looking to buy now can look forward to remortgaging onto a lower rate when it comes to an end, presuming forecasts prove to be accurate.

Harps Garcha, Director at Brooklyns Financial, said: "This is an innovative step forward by the Halifax. However, what's particularly puzzling is the absence of 1-year fixed rate options.

Are they anticipating something on the horizon that we mere mortal brokers aren't privy to? It raises questions about whether this move reflects deeper market insight, or if it's simply a reaction to current market conditions and demand."

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