first direct cuts mortgage rates 'to help homeowners'

Mortgage provider first direct has announced it has cut its loan rates in order to ease the financial difficulties of many potential homeowners.

Yesterday (July 1st), the firm said that it has reduced rates on five of its most popular mortgage products.

It also released a standard £99 charge for taking out loans on all its products so customers will not have to pay more than that on top of the monthly repayment charges.

Senior mortgage product manager at first direct Richard Tolchard said: "We understand money is getting tighter for many homeowners and our newly improved range with its nominal £99 product fee makes it easier for customers to switch to make their money go further."

The mortgage provider is offering potential homebuyers a rate of 2.79 per cent available on mortgages of 75 per cent loan-to-value on a repayment life tracker.

Meanwhile, Nationwide has also released news of its summer mortgage sale, offering cuts of up to 0.29 per cent on its loan rates.