Rates across more than 30 mortgage products were reduced by up to 0.30%
Digital bank first direct has reduced rates across more than 30 of its mortgages, bringing down the cost of borrowing on some of its higher loan-to-value (LTV) products.
The lender’s 95% LTV five-year fixed fee saver saw its rate come down to 4.99% – the first time 95% LTV mortgages have been priced under 5% since the chaotic September mini budget.
first direct’s 90% LTV five-year fixed standard rate was lowered by 0.20% to 4.49%. The 90% LTV five-year fixed fee saver is now priced at 4.64%.
Rate cuts of up to 0.30% were also applied to the two-year fixed range, with the 90% LTV two-year fixed standard rate mortgage now offered at 4.94%.
The new, reduced mortgage rates are available to new and existing customers, and include a free standard valuation. Customers can check the latest rates of first direct’s mortgage products online through the lender’s website.
“We have reduced the rate of borrowing across some of our higher loan-to-value products, which is great news for first-time buyers who might be looking to buy a property with a smaller deposit,” Carl Watchorn (pictured), head of mortgages at first direct, said.
“We understand the challenges faced by first-time buyers at the moment, and we want to support people who are looking to take their first steps on to the housing ladder. We offer a competitive range of mortgage products that provide added flexibility through features, such as a 40-year term and unlimited overpayments.
“All first direct mortgage products are also either fee-free or come with a maximum fee of £490, which helps reduce the cost of borrowing even further.”
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