The Financial Blog

Some more good news on the mortgage rates front; from tomorrow First Direct will reduce interest rates and fees on it’s 2 year fixed rate mortgages.

Here are the details;

• 2 year fixed rate at 5.59% (6.3% APR); £499 booking fee and £999 arrangement fee.
  (Previous pricing: 5.76%; £499 booking fee and £1,499 arrangement fee.)
• Low fee version: 2 year fixed rate at 5.89% (6.2% APR); £99 booking fee and £399 arrangement fee.
  (Previous pricing: 5.99%; £99 booking fee and £399 arrangement fee.)

At the end of the fixed rate term these mortgages revert to First Direct’s standard variable rate.

Maximum loan size is £400,000 and the maximum LTV (loan to value) percentage is 80 per cent. Unfortunately the prices and rates on 5 and 10 year fixed rate mortgages are unchanged.

First Direct’s chief executive, Chris Pilling, said: “We regularly review our fixed rate mortgage offers to make sure they’re competitive. Today, we’re reducing the cost of our popular two year fixed rates, which is likely to give them a prominent place in the best buy tables.” 

You can call 0800 24 48 24 or visit firstdirect.com for more information.

>>Click here to compare mortgage rates and find the best deals.

This entry was posted on Thursday, May 29th, 2008 at 1:22 pm and is filed under Mortgages. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.