first direct cuts rates across all fixed rate mortgages to remain ‘competitive’

first direct cuts rates across all fixed rate mortgages to remain ‘competitive’ Online bank, first direct, has reduced rates across its entire range of two, three, five and ten-year mortgages by up to 0.2 percent, bringing some deals below five percent. The bank’s lowest-priced mortgage is now the Five Year Fixed Standard at 60 percent Loan To Value (LTV), available for both new customers and switchers, at a rate of 4.92 percent. Across its three-year mortgage range, the lowest rate on offer is 5.46 percent at 60 percent LTV. In the two-year fixed rate space, rates start at 5.51 percent while the cheapest 10 Year Fixed Standard product is offered at 5.12 percent. Chris Pitt, CEO of first direct, commented: ‘After our latest review, we have reduced rates across our entire range of fixed rate repayment mortgages, with our five-year fixed range now starting below the five percent mark. First direct’s lowest five-year fixed-rate mortgage deal has dropped to 4.92 percent. ‘We remain committed to reviewing our rates regularly so that both new customers and switchers have access to competitive products in the current market.’ Mortgage product features with first direct include: The option to make unlimited overpayments, whenever they choose Terms up to 40 years, helping reduce monthly payments for customers who wish to extend their term An Agreement in Principle (AIP) for up to six months No booking fee on some mortgage options, or fixed at £490, with no additional charge for advice from advisors and free legal fees for re-mortgage applications A best-buy savings rate of seven percent on its Regular Saver Account, for customers looking to save up a deposit while receiving a competitive interest rate. More information about first direct’s mortgage deals, along with the full list of rates can be found here. The recent decision by the Bank of England to maintain the Base Rate at 5.25 percent in September, along with the news that the average five-year fixed mortgage rate has dropped below six percent, offers some relief to both prospective first-time homebuyers and existing mortgage holders. Tim Leonard, personal finance expert at NerdWallet, said: ‘Competition among lenders has ramped up in recent weeks, and now they appear to have the platform to carry on vying for the attention of borrowers.’ Mr Leonard continued: ‘The key message to mortgage borrowers is to keep an eye on the market, shop around and consider talking to a mortgage broker. SUBSCRIBE Invalid email We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Trending