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Rate cuts from first direct mean cheaper home loans for a wide range of borrowers

01 Sep 2014

1 September 2014

-           New market leading 5 year fixed and 2 year tracker rates at 65% LTV plus borrowing costs reduced for 90% LTV mortgages

From Monday 1 September, first direct is reducing all fixed rate mortgages in its range as well as launching a market leading 65%  LTV 5 year fixed rate at 2.89% and a 2 year offset tracker at 1.69% - both with a £1,450 fee.

There is also positive news for First Time Buyers and home movers who have a smaller deposit. The new lower priced products below are some of the most competitive currently available:

·           90% LTV 2 year fixed – 3.59% with £950 fee

·           90% LTV Fee Saver 2 year fixed – 3.89%

·           90% LTV 5 year fixed – 4.29%  with £950 fee

·           90% LTV Fee Saver 5 year fixed – 4.59%

·           90% LTV Lifetime tracker – 4.29% with £950 fee

·           90% LTV Fee Saver Lifetime tracker – 4.49%

Andrew Hagger of moneycomms.co.uk commented: “It’s refreshing to see that first direct is offering competitive mortgage deals at both ends of the LTV spectrum.

"Too often those not fortunate enough to have the luxury of a 20% plus deposit are overlooked and have to search hard to find a sensibly priced home loan.

"With rate rises still a possibility from 2015 the 5 year fix at 2.89% is likely to prove very popular with home movers. “

Andy Forbes, Head of Products at first direct commented: “In order to provide the best deal for all our customers, whether they have a large or small deposit, we’ve refreshed our mortgage range and reduced rates to ensure everyone can have access to some of the most keenly priced products in the market.”

Ends

For further information please contact Amanda Brown on 0113 276 6700, amanda.brown@firstdirect.com or Rebecca Hirst on 0113 276 6899, rebecca.hirst@firstdirect.com

Notes to Editors

first direct was recently voted the Best Banking Brand 2014 by Which?

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According to recent research* carried out on behalf of first direct, mortgage holders who have come to the end of their current mortgage deal and are 'free to leave'** appear more sensitive to a rise in their monthly payments than a rise in the Bank of England Base Rate.


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Today, as part of its mortgage campaign, first direct has launched a best buy 65% LTV 2 year repayment tracker mortgage at 2.19% (1.69% above base rate) with an arrangement fee of £99.   The mortgage campaign, which is due to run right up to first direct's 21st birthday on 1 October...


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