First Direct cuts fixed and tracker rates

Jake Carter

January 29, 2021

cut rates rate

First Direct has reduced rates across a number of its fixed and lifetime tracker mortgage products.

Notable reductions include the 75% LTV 2-year fix at 1.54%, and the 60% LTV 2-year fix at 1.24%.

Both deals were reduced by 0.15% and include a £490 fee.

The 60% LTV 5-year fix has also been reduced, cut from 1.74% to 1.64%. This deal has no fees.

In addition, the 60% LTV 5-year fix has been cut from 1.59% to 1.39%, and the 80% LTV 5-year fix from 2.29% to 2.19%.

The two offerings both include a fee set at £490.

Looking to the lifetime tracker products, a fee free 60% LTV deal has been cut from 2.24% to 2.14%, and a 75% product with a £490 fee has been reduced from 2.09% to 1.99%.

Chris Hall, head of mortgages at First Direct, said: “The pandemic continues to impact the property market, but we’re now seeing increased demand among homebuyers and remortgagors looking for lower LTV fixed rates.

“It’s always our intention to provide competitive products, backed by our class-leading service, so I’m pleased we’ve been able to reduce our already competitive lower LTV rates even further.”

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