It reduces the rates of two-, five-, and 10-year fixes by up to 0.20%
Digital bank first direct has reduced rates across more than 20 of its two-, five-, and 10-year fixed rate mortgages by up to 20 basis points.
The mortgage lender has made rate cuts across its two- and five-year fixed range for 60%, 75%, 80% and 85% loan-to-value (LTV) products. On its 10-year range, rates on 60% and 75% LTVs were the ones reduced.
The lender’s product range – only available online and over the telephone – now start at a rate of 5.19% on its 75% LTV 10-year fix standard product, while its cheapest two- and five-year fix standard products are now priced at 5.99% and 5.49% respectively.
“Raising the money to buy a home can be a challenge at the moment, and we want to help,” stated Chris Pitt (pictured), chief executive at first direct. “We have reduced interest rates across our fixed rate mortgages in order to bring the cost of borrowing down.
“Our products also offer added flexibility through features such as a 40-year maximum term and unlimited overpayments. All first direct mortgages are also either fee-free or come with a maximum fee of £490, helping reduce the upfront costs that come with buying a property.”
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