First Direct has reduced mortgage rates across its entire range of fixed deals, taking some under 5%, as lenders continue to reprice deals for borrowers.
Borrowers will see cuts of up to 0.20% on two-, three-, five- and ten-year mortgages with First Direct.
The lender’s lowest priced mortgage is currently its five-year fixed deal (5 Year Fixed Standard at 60% LTV), which decreased by 0.17%. It is available to new customers and switchers at 4.92%.
The three-year mortgage range will remain above 5% with the lowest rate on offer at 5.46% (60% LTV).
In the two-year fixed rate space, rates start at 5.51% while the cheapest 10-year fixed standard product is offered at 5.12%.
As its name suggests, these mortgage offers are only available direct online or over the phone. You can’t get them via a mortgage broker.
Chris Pitt, CEO of First Direct, said: “After our latest review, we have reduced rates across our entire range of fixed rate repayment mortgages, with our five-year fixed range now starting below the 5% mark.
“We remain committed to reviewing our rates regularly so that both new customers and switchers have access to competitive products in the current market.”
Reductions across the board from banks and mutuals
Over recent weeks, lenders have been repricing their deals, with the likes of Halifax, HSBC and Coventry Building Society also announcing further reductions.
Today, HSBC dropped rates across a suite of products. Its first-time buyer residential range (max 75% LTV) is priced at 4.89% for a five-year fixed deal (£999 fee).
On its home mover residential range, borrowers can get a rate of 4.84% on a five-year deal (£999 fee).
For remortgage customers (60% LTV), it offers a rate of 4.98%. It comes with £999 fees but £300 cashback.
Halifax joined in on the reductions with rate slashes on first-time buyer, new build, large loans and affordable housing products. It features a five-year fixed deal with a £999 fee at 4.85% up to 75% LTV. The fee-free option stands at 4.96%.
It also announced a two-year fixed rate with a £999 fee for 5.32% up to 60% LTV.
Coventry Building Society announced it is to cut rates across its residential and buy-to-let accounts, but the details will only be revealed tomorrow.