It cuts rates across more than 20 of its two-, five-, and 10-year fixes
first direct has announced rate cuts of up to 15 basis points (bps) across more than 20 of its two-, five-, and 10-year fixed rate mortgages.
The digital bank’s product range – only available online and over the telephone – now start at a rate of 5.14% on its 75% loan-to-value (LTV) 10-year fixed rate standard product. The cheapest two-year fixed rate standard product is now priced at 5.94%, while its lowest priced five-year counterpart has a rate of 5.34%.
The lender offers customers the option to make unlimited overpayments, terms up to 40 years, and an agreement in principle (AIP) 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 re-mortgage applications.
Last week, first direct also reduced more than 20 of its fixed rates by up to 20bps.
“We want to help our customers, whether they’re making their first steps onto the property ladder or looking to move house or remortgage,” stated Chris Pitt (pictured), chief executive at first direct. “This is why we regularly review our mortgage rates to ensure they’re competitive, and why all our products are either fee-free or come with a maximum fee of £490.
“We also offer added flexibility through features such as a 40-year maximum term and unlimited overpayments.”
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