First Direct launches first 95% LTV mortgage range

A two-year fixed rate is available at 2.79% and a five-year fix at 2.94%, both with no product fee and a free standard valuation. Borrowers can secure up to £550,000 up to a maximum 40-year term.

First Direct is also offering borrowers the opportunity to make unlimited overpayments- a feature which is already available to its existing mortgage customers.

The new 95% LTV range is available first-time buyers, home-movers as well as existing customers looking to port their mortgage.

First Direct offers an Agreement in Principle for up to six months.

Chris Pitt, CEO of First Direct, said: “The stamp duty holiday turbocharged the property boom, which has shown few signs of abating. While the property market continues to speed along in the fast lane, first-time buyers have been left behind. While house prices continue to outpace deposits, we see this as a viable way of helping people onto the ladder.”