UK Money News
30th May 2008
First Direct cuts rates on two-year fixes
First Direct is to cut rates on two of its mortgage deals, it has been announced.
As of tomorrow, the lender will trim the cost of its two-year fixed rate mortgage to 5.59 per cent (6.3 per cent APR).
This offer is conditional on payment of a £499 booking fee and an arrangement fee of £999.
Previously the deal offered a rate of 5.76 per cent with an arrangement fee of £1,499 and a booking fee of £499.
The lender has also cut the costs on another of its two-year fixes, with terms that offer rate of 5.89 per cent (6.2 per cent) with a booking fee and arrangement fee of £99 and £399 respectively.
This is down from a rate of 5.99 per cent, with fees unchanged from before.
Chris Pilling, First Direct's chief executive, 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."
When the fixed term of the mortgage expires, the mortgages revert to a rate of six per cent.
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