First Direct unveils sub-4% mortgage rates

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Our latest changes mean that we are able to offer our existing customers five-year and 10-year fixed-term mortgages that are below 4% for the first time since April 2023, alongside our lowest rate of 3.89% for existing customers HSBC UK For people with a 10% deposit, deals will start at 4.69% on First Direct’s five-year fixed standard mortgage. Liam O’Hara, head of mortgages at First Direct, said: “We’re very pleased to be starting the year with the introduction of new sub-4% mortgages, which will be available from tomorrow.” HSBC UK has cut rates on its residential mortgage range by up to one percentage point, with several of its rates being below 4.00% for the first time since April 2023. An HSBC UK spokesperson said: “Our latest changes mean that we are able to offer our existing customers five-year and 10-year fixed-term mortgages that are below 4% for the first time since April 2023, alongside our lowest rate of 3.89% for existing customers. Amanda Bryden, head of Halifax Intermediaries and Scottish Widows Bank, said earlier this week: “We keep a constant eye on markets to ensure we offer value to new and existing customers.” Danny Belton, head of lending at the Mortgage Advice Bureau, said on Wednesday: “The drop we’ve seen in mortgage rates is due to swap rates falling and lenders passing on the reductions to customers.