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first direct slashes fixed rate mortgages

02 Jan 2015

first direct kick-starts the New Year by cutting all fixed rate mortgages

The prospect of fixing into a mortgage, with interest rates still at an all-time low, has become even more appealing following first direct ’s announcement that it has reduced all of its fixed rate mortgages at 65% and 75% LTV.

The newly reduced rates mean that first direct will now have market-leading 3 and 5 year fixed rates:

  • 1.99% 3 year fixed rate - 65% LTV with a £1,450 fee
  • 2.39% 5 year fixed rate - 65% LTV with a £1,450 fee

For borrowers looking for the certainty of a long term fixed rate, the bank has also introduced a suite of low fee 10 year fixed rate mortgages:

  • 65% LTV - 3.49% with a £450 fee
  • 75% LTV - 3.89% with a £450 fee
  • 85% LTV - 4.29% with a £450 fee

Borrowers can make unlimited overpayments or lump sum payments throughout any fixed rate period without any penalties.  Where the mortgage is repaid in full an early repayment charge is payable of 3% in the year fixed rate, and 2% for the remainder of the fixed rate term.

Andrew Forbes, Head of Products at first direct , commented:  ‘As the market continues to see a high demand for fixed rate mortgages, we are seeing more customers seek the certainty of a longer term fixed rate product.  Our new deals offer the prospect to protect against future rate increases, which will appeal to homebuyers and remortgagers alike.'


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