First Direct has cut rates across selected two- and five-year fixed rate and tracker mortgages.

The new products include a five-year fix up to 60 per cent LTV a fee of £490 with a rate reduced by 0.20 per cent to 1.39 per cent.

The lender’s ‘fee saver’ products do not have a fee attached.

The full new mortgage range is as follows:

• 60% LTV Two Year Fixed – 1.49% fee saver (reduced by 0.10%)
• 60% LTV Two Year Fixed – 1.24% with £490 fee (reduced by 0.15%)
• 75% LTV Two Year Fixed – 1.54% with £490 fee (reduced by 0.15%)

• 60% LTV Five Year Fixed – 1.64% fee saver (reduced by 0.10%)
• 60% LTV Five Year Fixed – 1.39% with £490 fee (reduced by 0.20%)
• 75% LTV Five Year Fixed – 1.69% with £490 fee (reduced by 0.15%)
• 80% LTV Five Year Fixed – 2.19% with £490 fee (reduced by 0.10%)

• 60% LTV Lifetime Tracker – 2.14% fee saver (reduced by 0.10%)
• 60% LTV Lifetime Tracker – 1.99% with £490 fee (reduced by 0.10%)
• 75% LTV Lifetime Tracker – 2.14% fee saver (reduced by 0.10%)
• 75% LTV Lifetime Tracker – 1.99% with £490 fee (reduced by 0.10%)

First Direct head of mortgages Chris Hall says: “The pandemic continues to impact the property market, but we’re now seeing increased demand among homebuyers and remortgagors looking for lower LTV fixed rates.

“It’s always our intention to provide competitive products, backed by our class-leading service, so I’m pleased we’ve been able to reduce our already competitive lower LTV rates even further.”