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By Kevin Peachey & Lora Jones

BBC News

Halifax is set to sharply cut rates on some of its fixed mortgage deals, potentially easing pressure on some homeowners.

The UK's biggest mortgage lender will reduce rates by up to 0.71 percentage points from Friday, with a five-year fixed deal priced at 5.39% from 6.10%.

Other lenders such as HSBC, Nationwide and TSB have cut some rates.

Mortgage costs have risen as the Bank of England has pushed up interest rates in a bid to tame soaring prices.

Halifax will cut rates across a range of products, with smaller reductions on two-year fixed deals and some aimed at first-time buyers.

Other big mortgage lenders have been lowering rates this week, with some experts suggesting it could be a sign that high inflation - which measures the rate of price rises - is easing.

In turn, that would suggest the Bank of England's interest rate might not stay as high for as long.

While inflation has slowed, at 7.9% it remains nearly four times higher than the Bank of England's 2% target.