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first direct cuts mortgage rates once again

06 Feb 2015

first direct tops the market with its 2.89% 10 year fixed rate mortgage

With interest rates still at an all-time low the prospect of fixing has become even more appealing following first direct ’s announcement that it has reduced many of its fixed rate mortgages including its 10 year fixed rate, which is top of the market in the 65% LTV range.

The newly reduced rates mean that first direct will now have market-leading 3, 5 and 10 year 65% LTV fixed rates as well as the best 2 year fixed rate at 85% LTV on the market, allowing customers to choose the term that suits them.

The changes include:

  • 65% LTV - 2.89% 10 Year Fixed rate of 2.89% with £950 fee
  • 65% LTV - 2.28% 5 Year Fixed rate with £1,450 fee
  • 65% LTV - 1.89% 3 Year Fixed rate with £1,450 fee
  • 85% LTV - 2.49% 2 Year Fixed rate with £950 fee

Borrowers will also have the flexibility to make unlimited overpayments or lump sum payments throughout their fixed rate period without any penalties1

Andrew Forbes, Head of Products at first direct , commented:  ‘Demand for fixed rates continues and we know that borrowers are looking for competitive rates that give them an element of flexibility.  Our new deals allow customers to take advantage of the market’s lowest rates and protect themselves against future rate increases.”

-Ends-

 

For any media enquiries please contact amanda.brown@firstdirect.com on 01132766700 or rebecca.sykes@firstdirect.com on 01132766700

Notes to Editors

1 Unlimited overpayments are permitted on fixed rate mortgage offers.  Where the mortgage is repaid in full an early repayment charge is payable of 3% in the year the rate was fixed, and 2% for the remainder of the fixed rate term.

2 first direct 2014 award wins

  • Which? Recommended Provider - Current Accounts (Aug 14)
  • Which? Recommended Provider - Mortgages (Sept 14)
  • Which? Best Banking Brand (June 14)
  • Uswitch Current Account Awards - Best Current Account (June 14)
  • Uswitch Current Account Awards - Best Customer Service (June 14)
  • Uswitch Current Account Awards - Best Online Service (June 14)
  • Uswitch Current Account Awards - Best Overall Satisfaction (June 14)
  • Uswitch Current Account Awards - Best Switching Service (June 14)
  • Uswitch Current Account Awards - Best Value for Money (June 14)
  • Uswitch Current Account Awards - Most Recommended (June 14)
  • Uswitch Current Account Awards - Most Trusted (June 14)
  • Moneywise - Best Current Account for Call Centre serve (June 14)
  • Moneywise - Best Current Account for Online Service (June 14)
  • Moneywise - Most Trusted Credit Card Provider (June 14)
  • Moneywise - Most Trusted Mortgage Provider (June 14)
  • Moneynet - Best Current Account (Overdraft) (Jan 14)
  • Moneyfacts - Current Account Switching Provider (Jan 14)
  • Money facts - Online Banking Provider (Jan 14)

first direct 2015 award wins

  • UK Customer Satisfaction Index – Top in Financial Services category and 2nd Overall (Jan 15)
  • Moneyfacts - Current Account Switching Provider (Jan 15)
  • Money facts - Online Banking Provider (Jan 15)

About first direct

first direct provides telephone, online and mobile banking services to its 1.25m customers and offers a full range of personal banking products including its multi-award winning Current Account and mortgages.  It has been recognised for its excellent customer service by numerous independent third parties including Which? Moneywise, Moneyfacts and Moneysavingexpert.com.  As well as its Facebook page, first direct uses social media to engage with customers through sites like YouTube, Twitter, Flickr and Tumblr. 

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