First direct cuts rates on LTV mortgage range

Friday, 10 May 2013 09:27

Consumers in the market for a mortgage may be tempted by first direct's newly revised LTV mortgage range.

Around 85 per cent of the products offered by the financial services provider have received dramatic rate cuts, with the majority of 65 per cent, 75 per cent and 90 per cent LTV mortgages being reduced by up to 50bps.

Only borrowers with a deposit or equity of between ten and 35 per cent will be eligible to take advantage of the new rates, which include both repayment and offset products.

First direct was recently awarded the accolade of Recommended Mortgage Provider from consumer advice service and claims it has introduced the mortgage rate cuts in response to movements in the market.

The cut in mortgage rates is the fourth in as many months for the company and sees the introduction of two market-lending mortgage products comprising the five-year fixed-rate at 2.49 per cent and the life tracker at 3.99 per cent.

These are available for fees of £1,999 at 65 per cent LTV, and £999 at 90 per cent LTV respectively.

Andy Forbes, head of retail products at first direct, said that good performance from competitors had necessitated the introduction of the the rate cuts and new products.

"Since the beginning of the year we've continued to see competition increase in the mortgage market," he said.

"In order to provide the best deal for all our customers, whether they have a ten or 35 per cent deposit, we've once again made reductions to our mortgage range to ensure all have access to market leading products."

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