It reduces rates by up to 19 basis points and now start at 5.08%
Digital bank first direct has made rate reductions across its range of two-, three-, and five-year mortgages.
The rate cuts of up to 19 basis points (bps) on more than 40 of the lender’s products are applicable to new customers and switchers.
first direct’s entire range of two- and five-year products available to new customers has been reduced across all LTVs.
The bank’s cheapest mortgage is now the five-year fixed standard at 60% loan-to-value (LTV), which is available for both new customers and switchers at a rate of 5.08%. For two-year fixes, the lowest rate on offer is now the 5.70% two-year fixed standard at 60% LTV – also available to new customers and switchers.
Earlier this month, the HSBC-owned bank also announced the launch of a three-year mortgage range. Six products within the new three-year range have now also been cut by up to 0.17% and start at 5.62% for the three-year fixed standard at 60% LTV.
first direct offers customers the option to make unlimited overpayments, terms up to 40 years, and an agreement in principle for up to six months. It does not charge a booking fee on some mortgage options, or fixed at £490, with no additional charge for advice from advisers, and free legal fees for remortgage applications.
“We review our mortgage rates regularly to ensure that both new customers and switchers have access to competitive products in the current market,” stated Chris Pitt (pictured), chief executive at first direct.
“We also recently refreshed our product range in response to customer feedback, with the launch of a three-year mortgage range – which we’ve now repriced so it is more affordable for our customers. This is on top of a range of other handy flexible mortgage features, including low or no fees and unlimited overpayments.”
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