first direct mortgage rates cut

Cuts are the order of the day and in a bid to step up competition in the mortgage market and help homeowners, first direct has reduced the rate on five of its popular mortgage products as part of its Summer Sale.

The leading direct bank is also simplifying its mortgage range by having one very low £99 fee for all products making them stand out as best buys and help customers choose the right offer for them including the Offset Base Rate Tracker mortgage with a current rate of 2.29% and arrangement fee of just £99.

Richard Tolchard, Senior Mortgage Product Manager at first direct commented: "We sometimes feel like David in a market full of Goliaths. Our Summer Sale mortgage offers are designed to take the value for money challenge to the to the big boys.

We understand money is getting tighter for many homeowners and our newly improved range with it's nominal £99 product fee makes it easier for customers to switch to make their money go further.  Couple that with our excellent customer service and the fact that we're best buy and there really is no reason to delay."