first direct has announced that it has cut rates across selected two, five, and ten year fixed rate mortgages, in a move that the lender hopes will give homebuyers looking for higher LTV mortgages a wider choice of products and terms to suit different needs.
According to the lender, the revised mortgage range is now available and includes amongst many more, a 60% LTV Ten Year Fixed – 2.49% fee saver* (reduced by 0.05%), a 60% LTV Five Year Fixed – 1.79% with £725 fee (reduced by 0.10%) and a 90% LTV Five Year Fixed – 2.84% fee saver* (reduced by 0.05%).
For borrowers looking to fix rates over a shorter period, first direct has also cut a number of two year rates, including:
90% LTV Two Year Fixed – 1.99% with £725 fee (reduced by 0.10%)
90% LTV Two Year Fixed – 2.24% fee saver* (reduced by 0.10%)
Nick Harrison, Head of Products at first direct, said: “We’re seeing increased demand among homebuyers at the moment, particularly among those looking for higher LTV fixed rates. At first direct we listen to what customers are saying, so in response we’re launching a range of competitive rates at higher LTVs – and across different terms – at some of the lowest rates we’ve ever offered.”