First Direct has announced cuts to a range of mortgage rates.

Some of the biggest savings are on longer-term fixes, with the lender’s five-year fixed rate mortgage now available at a competitive 3.83%.

This rate is available to first-time buyers, home movers, and those switching to First Direct, with a 60% loan-to-value (LTV). That means you’ll need a 40% deposit to qualify.

Big Savings on Two and Three-Year Fixed Rates

First Direct has also slashed rates on two and three-year fixed-rate mortgages. The biggest cut is on the two-year 80% LTV fixed-rate mortgage, which has been reduced by 0.32 percentage points to 4.64%.

The three-year 80% LTV fixed-rate mortgage has also been cut, down 0.21 percentage points to 4.68%. And if you’re looking for a five-year fix at 80% LTV, that’s now available at 4.20% – a reduction of 0.32 percentage points.

Remortgaging Just Got Cheaper

The biggest cuts are on remortgage products for new customers, with rates on two-year fixed-rate deals cut by up to 0.35 percentage points. A two-year fix at 60% LTV now starts at just 4.27%.

Meanwhile, five-year fixes for remortgagers start at 3.94% at 60% LTV, and three-year fixes start at 4.29%.

Tracker Rates Tumble

For those who prefer the flexibility of a tracker mortgage, First Direct has slashed its Lifetime Tracker rate by up to 0.75 percentage points.

The rate for the 60% LTV Lifetime Tracker now starts at 5.49%.

Good News for Borrowers

Liam O’Hara, head of mortgages at First Direct, said the cuts reflected the bank’s commitment to offering competitive rates.

He said: “We review our pricing regularly to ensure the best value possible for our customers. This time round, we are seeing the biggest rate reductions on the 80% LTV range, but we have applied cuts across the board up to 95% LTV.”

O’Hara added that the bank had also reduced rates on its remortgage products, which would benefit those coming off a fixed-rate deal and looking for a better deal.