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First Direct launches market’s cheapest five-year fixed rate

First direct has launched the market’s cheapest five-year fixed rate mortgage at 2.64 per cent.

The deal has a £1,399 fee and is available up to 65 per cent loan-to-value. It is available as either a repayment or offset loan.

The lender also today launches a 2.49 per cent three-year fixed rate, also available up to 65 per cent LTV, with a £1,499 fee.

It has also launched a 2.38 per cent tracker mortgage with a £1,699 fee.

First direct head of retail products Andy Forbes says: “Over the last month we have seen competition increase in the mortgage market.  In particular our five year fixed rates have been extremely popular.  In response to this demand we have lowered the rates on many of our five year fixed rates, to ensure our customers have access to our most competitive rates.”

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  • James 19th March 2013 at 9:14 am

    People always moan about dual pricing when it is not in our favour, however Abbey always promote intermediary exclusive products like the 7 day specials and BTLs. Infact my BDM has told me that last week 86% of Santander UK total lending was through the Abbey alone!

  • Mr Cynic 15th March 2013 at 5:02 pm

    Re: Anonymous at 15 March 2013 9.24am

    Ironic that in your first sentence you are gloating about exclusive products and in your next, moaning about dual pricing.”What’s sauce for the goose..” comes to mind…..

  • Mr Cynic 15th March 2013 at 5:02 pm

    Re: Anonymous at 15 March 2013 9.24am

    Ironic that in your first sentence you are gloating about exclusive products and in your next, moaning about dual pricing.”What’s sauce for the goose..” comes to mind…..

  • Fran 15th March 2013 at 9:24 am

    Abbey 2.99 with no survey fee and no booking fee for 5 years bears this hands done and they have it exclusive to us as intermediaries whereas first direct and Chelsea shut us out.

    Well done abbey and we should all support them against dual pricing – it is all on our favour at present.