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First Direct launches 10-year fix

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06/02/2015

First Direct has become the latest lender to enhance its range of 10-year fixed rate mortgages.

With an increasing number of borrowers looking to fix for a longer period, the 10-year fixed rate market has become increasingly competitive in recent times.

First Direct has launched a decade-long deal at 2.89%, available up to 65% loan-to-value with a £950 fee.

Andrew Forbes, head of products at the lender, said borrowers were looking to capitalise on low rates and lock in for longer.

“Demand for fixed rates continues and we know that borrowers are looking for competitive rates that give them an element of flexibility,” he said.

“Our new deals allow customers to take advantage of the market’s lowest rates and protect themselves against future rate increases.”

Other new products launched by First Direct include a five-year fixed rate at 2.28% and a three-year fix at 1.89%. Both products are available up to 65% loan-to-value with fees of £1,450.

For borrowers with a 15% deposit, a 2.49% two-year fix is also on offer with £950 fee.

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