One of the country’s leading banks has announced it reducing the rates of its mortgage products to assist customers.
First direct has slashed rates across more than 20 of its fixed rate range of mortgage products.
Specifically, the products affected by the bank’s decision are its two, five and ten-year fixed rate mortgages.
The bank’s product range will now start at a rate of 5.14 percent on its 75 percent LTV 10-year fixed-rate Standard product.
As it stands, the cheapest two-year fixed-rate standard product from first direct is now priced at 5.94 percent.
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Furthermore, the mortgage product which is the lowest priced is the 5-year fixed-rate standard at 5.34 percent.
Homeowners have been hit hard over the past year as the Bank of England has continually raised the base rate in an attempt to control the impact of inflation on the economy.
As it stands, the base rate is now at 5.25 percent and is expected to exceed six percent by the end of the year.
Despite this hike in interest rates, banks such as first direct are finding ways to better help mortgage holders during this tumultuous economic time.
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Following these cuts, the repayment range for first direct’s new business mortgage customer is the following:
- Two-year Fixed Fee Saver at 60 percent, 75 percent, 80 percent, 85 percent and 90 percent LTV have reduced by up to 0.10 percent
- Two-year Fixed Standard at 60 percent, 75 percent, 80 percent and 85 percent LTV have reduced by up to 0.10 percent
- Five-year Fixed Fee Saver at 60 percent, 75 percent and 80 percent LTV have reduced by up to 0.15 percent
- Five-year Fixed Standard at 60 percent, 75 percent, 80 percent, 85 percent and 90 percent LTV have reduced by up to 0.15 percent
- 10-year Fixed Standard at 60 percent and 75 percent LTV have reduced by up to 0.05 percent.
In comparison, the repayment rate for existing mortgage customers with the bank will see the two-year fixed standard at 60 and 80 percent decreased by up to 0.05 percent.
Chris Pitt, the CEO of first direct, explained: “We want to help our customers, whether they’re making their first steps onto the property ladder or looking to move house or re-mortgage.
“This is why we regularly review our mortgage rates to ensure they’re competitive, and why all our products are either fee-free or come with a maximum fee of £490.
“We also offer added flexibility through features such as a 40-year maximum term and unlimited overpayments.”