Banking Regulation

First Direct Reduces Mortgage Rates to Compete with Major Lenders

Main image to the post First Direct Reduces Mortgage Rates to Compete with Major Lenders

First Direct recently announced a reduction in its mortgage rates by up to 0.17 percentage points, aligning with a trend of rate cuts among major lenders. The bank's rate cuts extend to a variety of fixed repayment mortgages, catering to first-time buyers and individuals looking to move homes. Notable reductions include a two-year fixed-rate deal for borrowers with a 15% deposit, now priced at 4.99% compared to the previous 5.16%.

Liam O’Hara, the head of mortgages at First Direct, emphasized the bank's commitment to assisting individuals in purchasing their first home or transitioning to a new one through the reduced mortgage rates. This move comes amidst predictions by economists of a potential rate reduction by the Bank of England and visible adjustments in mortgage rates by various financial institutions. Major players in the market, such as Halifax, HSBC UK, Barclays, Santander, NatWest, and Yorkshire Building Society, have all recently adjusted their mortgage rates to remain competitive.

Furthermore, market conditions have enabled lenders like Yorkshire Building Society to reduce rates on multiple products in their portfolio. This strategic adjustment aligns with the competitive landscape where lenders are seeking to attract more customers and boost sales. Additionally, there is an observed trend of improving mortgage product availability, particularly for individuals seeking low deposit deals. Financial information website Moneyfacts reported an increase in the number of mortgage products available for people with 5% deposits, indicating a positive shift in the market for potential first-time buyers looking for affordable mortgage options.

Published By:
Round userpic of the post author Rolihlahla
Your read-to-Earn opportunity:
Post Profit
Earned for Pluses ?
Comment Rewards?
Likes Own?
Likes Commenter?
Likes Author?
Dislikes Author?
Profit Subtotal, Twei ?
Post Loss
Spent for Minuses?
Comment Tributes?
Dislikes Own?
Dislikes Commenter?
Post Publish Tribute?
PnL Reports?
Loss Subtotal, Twei ?
Total Twei Earned: ?
Price for report instance: 1 Twei


how to comment-to-Earn
Opens automatically on LVL 13
Each time someone gives a like to you comment you earn Twei.
Potentially, the more comments you add the more Twei you earn.
SVG animated loader

More Read-to-Earn News

Here you can read and earn more Twei. It's real money.

Image placeholder for AI-generated post in Supremacy news game
May 21, 2023 | 05:09