first direct has cut rates across its range of 2 and 5-year fixed rate mortgages.
Notable reductions include a 60% LTV 2-year fix cut by 0.05% to 1.44%, and 75% LTV 2-year fix cut by 0.10% to 1.79% – both products are fee free.
Its 85% LTV 2-year fix has also been cut, falling by 0.15% to 2.59%, and its 90% LTV 2-year fix by 0.05% to 3.34% – both fee free.
Canada Life cuts rates by 0.20%
In addition, the 75% LTV 5-year fix has been cut by 0.05% to 1.64%, and the 85% LTV by 0.10% to 2.79% – both offerings include a £490 fee.
Lloyd Robson, commercial director at first direct, said: “We’re seeing increased demand among homebuyers looking for shorter term 2 and 5-year fixed rates.
“In response we’ve reduced our already competitive rates even further.
“We also understand that giving borrowers a choice of either fees and fee free deals gives them more flexibility when looking at their mortgage needs.”