first direct cuts more mortgage rates across more than 100 products

first direct has today announced another round of significant mortgage rate reductions of up to 0.35 percentage points across its repayment range, with the lender also cutting its Lifetime Tracker rate by up to 0.75 percentage points for existing customers.

The cheapest rate is now 3.83%, which is available on the 60% LTV 5 Year Fixed Standard across three different buyer categories: first-time buyers, home movers and existing customers looking to switch.

In the two-year range, the biggest rate cut of 0.32 percentage points applies to the 80% LTV Fixed Fee Standard mortgage, now available at 4.64%. In the three-year fixed rate space, the 80% LTV Fixed Fee Standard now is priced at 4.68%, down 0.21 percentage points, whereas the five-year equivalent is at 4.20%, reduced by 0.32 percentage points.

The most significant rate cuts of up to 0.35 percentage points were made within the re-mortgage range for new customers. The 2 Year Fixed Standard range saw the largest reductions of between 0.21 and 0.35 percentage points depending on LTV, starting at 4.27% for the 60% LTV.  The 5 Year Fixed Standard at 60% LTV starts at 3.94%, whereas the 3 Year starts at 4.29%.

For existing customers, the Lifetime Tracker now starts at 5.49%, down from 6.24% for the 60% LTV Fixed Fee Standard product. 

"Today, we are applying another round of rate reductions to our mortgages across all fixed rate repayment ranges, with our Lifetime Tracker also seeing significant reductions."

"This reflects our focus on reducing the rate of borrowing for customers when we can – we review our pricing very regularly to ensure the best value possible for our customers."

"This time round, we are seeing the biggest rate reductions on the 80% LTV range, but we have applied cuts across the board up to 95% LTV. For existing customers, we’ve also reduced our Lifetime Tracker by up to a significant 0.75 percentage points, which is good news for those customers that don’t want to commit to a fixed rate in this time of uncertainty. We’re also in a position to reduce rates on our remortgage products, which will benefit those people coming off a fixed rate and looking for competitive options."

"It’s also worth remembering that our mortgages are fully flexible and that we offer free unlimited overpayments on all our range, as well as 40-year maximum terms and product booking fees capped at £490. Earlier this year, we also introduced differential pricing for different buyer types so that we can ensure we offer competitive products tailored to our customers’ specific needs."

• allowing customers to make unlimited overpayments, whenever they choose
• maximum term up to 40 years (subject to eligibility), helping reduce monthly payments for customers and for existing customers who wish to extend their term
• an Agreement in Principle (AIP) for up to six months, giving buyers much-needed time to find their perfect home
• no booking fee on some mortgage options, or fixed at £490, with no additional charge for advice from advisors
• customers can also transfer their booking fee to another fee paying rate if rates reduce further
• free legal fees for re-mortgage applications
• access to a competitive savings rate of 7% on its Regular Saver Account, for first direct customers looking to save up to £300 monthly 

first direct mortgages are only available online and over the telephone and do not operate through mortgage brokers. A number of useful guides and calculators are available on this website.

For further information please email Leila.taleb@hsbc.com.

first direct provides mobile banking, online and telephone services to its 2 million customers and offers a full range of personal banking products including its multi-award winning current account and mortgages. It’s been recognised as being a pioneer of amazing customer service by numerous independent third parties including The Competition and Markets Authority, Which?, Moneywise, Moneyfacts and Moneysavingexpert.com Opens an overlay [Will show a security message first]. As well as its Facebook page, first direct uses social media to engage with customers through LinkedIn Opens an overlay [Will show a security message first], Instagram, and X.