LONDON, UNITED KINGDOM--(Marketwired - Aug 23, 2013) - From Friday 23 August first direct, winner of Moneywise Most Trusted Mortgage Provider, will reduce the rates on eleven of its Offset and Repayment mortgages by up to 20 Basis Points (BP) to provide even better value to customers. Borrowers with 25-35% deposit or equity will be able to take advantage of these lower rates, which are offered with and without fees.
In addition to reducing its rates, the internet and telephone bank also offers a fee free* option across their mortgage range to help borrowers keep their upfront costs down.
| first direct fee free* Repayment mortgages | first direct fee free* Offset mortgages |
| - 2 Year Fixed 65% LTV - 2.49% | - 2 Year Fixed 65% LTV - 2.99% |
| - 2 Year Fixed 75% LTV - 2.79% | - 2 Year Fixed 75% LTV - 3.29% |
| - 2 Year Fixed 85% LTV - 3.49% | - 3 Year Fixed 65% LTV - 3.29% |
| - 2 Year Fixed 90% LTV - 4.19% | - 3 Year Fixed 75% LTV - 3.59% |
| - 3 Year Fixed 65% LTV - 2.79% | - Life Tracker 65% LTV - 3.29% |
| - 3 Year Fixed 75% LTV - 3.09% | - Life Tracker 75% LTV - 3.69% |
| - 5 Year Fixed 65% LTV - 3.19% | - 2 Year Tracker 65% LTV - 3.09% |
| - 5 Year Fixed 75% LTV - 3.49% | - 2 Year Tracker 75% LTV - 3.49% |
| - 5 Year Fixed 85% LTV - 3.79% | |
| - 5 Year Fixed 90% LTV - 4.49% | |
| - Life Tracker 65% LTV - 2.79% | |
| - Life Tracker 75% LTV - 2.99% | |
| - Life Tracker 85% LTV - 3.49% | |
| - Life Tracker 90% LTV - 4.19% |
Andy Forbes, Head of Retail Products at first direct commented:
"Despite Funding for Lending making the mortgage market more competitive and the recent uplift in the housing market we haven't seen as many people as we expected taking the plunge and moving mortgages.
"We want to make it easy for customers to get a great mortgage deal, removing the barrier of paying a fee. So now, whether you have a high or low LTV, want a Tracker or Fixed rate, Offset or Repayment, there is a first direct fee free mortgage with a great rate that fits."
Source: http://www.newsroom.firstdirect.com/articles/first_direct_reduces_rates_and
Notes to Editors
Please find current and previous rate sheets attached for all first direct mortgage rates.
* Fee free means:
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No arrangement fee
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No booking fee
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No standard valuation fee
first direct will cover the cost of one standard valuation where this is required as part of the mortgage application. Additionally, where it is a straight forward transfer from another lender, first direct also pays the standard legal costs.
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first direct provides both telephone banking and online banking services to its 1.2m customers. It offers a full range of personal banking products including its award winning Current Account and offset mortgages.