First Direct slashes mortgage rates

Thursday, August 4, 2005

First Direct has responded to the Bank of England rate cut immediately by cutting its mortgage rate to 5.5 per cent (5.7 per cent APR).

The bank's mortgage is also a flexible offset, meaning that borrowers can make overpayments and link savings and current accounts to their mortgages to reduce the cost of their loan.

Richard Kimber, First Direct's chief executive, said: "First Direct customers will be amongst the first in the country to benefit from today’s base rate cut."