first direct cuts mortgage rates by up to 0.30 percentage points

first direct is cutting rates by up to 0.30 percentage points across its entire range of repayment mortgages, with over 100 products repriced for first-time buyers, movers and those looking to remortgage. 

The lowest rate available is for the 60% LTV 5 Year Fixed Standard, on offer at 4.13% for first-time buyers and movers. The product remains available for existing customers at an even lower rate of 4.10%.

To support those with smaller deposits making their first steps onto the ladder, first direct has applied some of its largest rate reductions to higher-LTV mortgages of 90% and 95%, with cuts of up to 0.29 percentage points. The 5 Year Fixed Standard at 90% LTV is now priced at 4.74%.

The most significant reduction is available for remortgage customers on the 2 Year Fixed Standard mortgage at 85% LTV, now available at 5.04%.  

“We’re really pleased to be starting the New Year with rate reductions across all of our repayment ranges of two, three and five year fixed rate mortgages. We are entirely focused on supporting customers on their journey to home ownership, whether they’re making their first step onto the ladder, upgrading their home, or looking for a competitive remortgage option.

“We will continue to review our pricing regularly throughout the year to ensure we offer the best value we can for our customers. There’s also lots of other ways we help our customers get the best value from their mortgage beside the interest rates we offer: our mortgages are fully flexible with free unlimited overpayments on all our ranges, we offer 40-year maximum terms and our product booking fees are capped at £490.”

• 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.
• 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
• 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.