first direct cuts mortgage rates

first direct has cut its mortgage rate by 0.25% per cent from today, 6 December 2007, passing on the benefit of the Bank of England base rate reduction to its customers immediately.

The standard variable rate from the direct bank will now be 6.50% (6.75% APR), one of the lowest from any major bank or building society.

Most first direct customers choose to offset their mortgages to make use of the financial benefits of linking day-to-savings to their current account balances and mortgage.

first direct’s chief executive, Chris Pilling, said: “first direct mortgage customers will be amongst the first in the country to benefit from today’s base rate cut.”