first direct launches low rate products
Borrowers with a 35% deposit or equity will now be able to take advantage of the new rates which include both repayment and offset products.
first direct will now offer a 2.49% 3-year fixed rate mortgage, a 2.64% 5-year fixed rate and a 2.38% tracker mortgage. Fees on the products begin at £1,499.
Andy Forbes, head of retail products at first direct, said: “Over the last month we have seen competition increase in the mortgage market. In particular our 5-year fixed rates have been extremely popular.
“In response to this demand we have lowered the rates on many of our 5-year fixed rates, to ensure our customers have access to our most competitive rates.”