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First direct and Leek United cut rates

Michael Lloyd

December 5, 2019

At 75% LTV, first direct cut the rate on a 5-year fix while Leek United Building Society decreased the rate on its 2-year discounted mortgage.

first direct and Leek United Building Society have reduced rates to some of their 75% LTV mortgages.

first direct has cut the rate on its 5-year fixed rate mortgage at 75% LTV by 0.10% to reach 1.59%.

The product is available for all borrower types and comes with a £490 product fee, payable upfront, and free valuation.

Remortgage customers also have access to free legals.

Rachel Springall, finance expert at Moneyfacts, said: “This week, first direct has made various cuts to selected fixed rates, with its 5-year fixed deal reducing by 0.10%.

“Now priced at 1.59%, the deal offers not only a decent incentive package, but it also has a competitive rate.

“Those looking to secure an attractive rate over the next five years, but who are also hoping to save on the upfront cost, will find this deal appealing, as all applicants get a free valuation and remortgage customers get free legal fees.

“As a result, the deal earns a Moneyfacts product rating of Outstanding.”

Leek United Building Society has cut the rate on its 2-year discounted variable rate mortgage by 0.34% to reach 1.65%.

This is available to all borrower types and comes with a £199 product fee, payable upfront, and a free valuation.

Springall added: “Borrowers with the required 25% deposit or equity and are looking to keep their upfront costs down may find this deal enticing.

“As a result, the deal earns a Moneyfacts product rating of Outstanding.”


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