"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 onto the housing ladder."
First Direct has reduced rates across more than 30 of its mortgages by up to 0.30%.
As part of the rate reductions, First Direct’s 95% LTV five-year fixed rate fee saver is now available at 4.99%, while the 90% LTV equivalent starts at 4.64%.
Cuts of up to 0.3% have also applied to two-year fixed rates, with the 90% LTV 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.
Carl Watchorn, head of mortgages at First Direct, said: “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.
“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 onto 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.”
