first direct passes base rate cut with immediate effect

first direct has confirmed that it has passed on Bank of England 0.25% base rate cut with immediate effect for all its variable rate mortgage customers and new customers as well.

The bank already has one of the lowest standard variable rates at 6.50%, which with immediate effect is cut to 6.25% following today's announcement by the Bank of England. first direct is currently also offering a best buy two year fixed rate offset mortgage at 4.75%.