First Direct cuts 40 mortgage rates by up to 0.90%

First Direct has refreshed its mortgage range with a reduction of up to 0.90% on over 40 mortgages across the full range of LTVs.

Related topics:  Mortgages
Rozi Jones
14th January 2022
calculator rates mortgage house

Offset two-year fixed rates have seen the largest reductions of 90bps at 60% and 75% LTV for existing customers switching or borrowing more.

Five-year fixed rates at 90% LTV have been reduced by 30bps and now start at 2.39% with a £490 fee and 2.54% fee-free for both new and existing customers.

Additionally, offset and repayment lifetime tracker rates have reduced by 0.15% across all LTVs and fee packages for new and existing customers.

From today, First Direct has also chosen to provide specific mortgage rates depending on the buyer type (i.e. existing customers switching or borrowing more, home mover, first-time buyers, etc). As such First Direct can shape its mortgage offers to provide specific rates for each type of borrowing.

With these changes some of its existing customer rates are now priced lower than the new business equivalent. For example, a fee-free two-year switcher product is now 0.10% lower than the new business equivalent.

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