Slashing the rate from 6.49% (6.9% APR) to 6.25% (6.6% APR), the bank has also reduced the booking fee from £495 to £99 and removed the arrangement fee of £299.
The product is portable during the fixed rate period and is offered at a maximum LTV of 80% with a £149 exit fee. It also allows unlimited overpayments.
Chris Pilling, first direct´s chief executive said: “We’re finding that our customers are wanting to fix their mortgage repayments at the moment, and this new rate offers long term security in an uncertain market.”
