First Direct Remortgage Rates and Costs Compared

First Direct remortgage rates can be a bit of a minefield, but don't worry, we're here to guide you through it.

First Direct offers a range of remortgage rates, with a minimum loan amount of £10,000 and a maximum loan amount of £999,999. Their rates start from 1.99% APR, which is a competitive rate in the market.

First Direct's remortgage rates are fixed for 2, 3, 4, or 5 years, giving you the flexibility to choose the term that suits you best.

The fees associated with First Direct's remortgage rates include a product fee of £99 and a valuation fee of £135.

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first direct has recently made some significant changes to its mortgage rates, making it a good time to consider remortgaging.

Rates now start at 3.79% on the 60% loan-to-value 5-year fixed standard.

The 3.79% rate is available across all buyer types including first-time buyers, home movers, switchers and new remortgage customers.

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Largest rate reductions apply to the 3-year fixed range, within the higher LTV brackets of 85% LTV and above.

The 85% LTV fixed fee saver is now on offer for 4.74% down from 4.99% for first-time buyers and home movers.

Remortgage products have seen the most significant cuts of 0.20%, with the 2-year fixed fee saver at 60% LTV priced at 4.44% and at 70% and 75% LTV priced at 4.59%.

For first-time buyers and home movers, the biggest reduction is on the 85% LTV 5-year fixed standard, now available at 4.54%.

First direct's head of mortgages, Liam O'Hara, notes that the vast majority of their products are now priced well under 5%, with their 5-year fixed range offering rates to first-time buyers and home movers under that bracket all the way up to 90% LTV.

First direct continues to review its pricing regularly to ensure the best value for its customers, and also offers flexibility with free unlimited overpayments on all its ranges, as well as a 40-year maximum terms and product booking fees capped at £490.

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Mortgage fees and costs can add up quickly, so it's essential to understand what you're getting into.

Arrangement fees can range from £0 to £2,500, depending on the lender and the type of mortgage.

Some lenders offer free arrangement fees, while others may charge a higher interest rate to offset the cost.

Valuation fees typically range from £100 to £1,500, depending on the lender and the type of property.

These fees are usually non-refundable, so it's crucial to factor them into your overall budget.

You may also need to pay a solicitor's fee, which can range from £500 to £2,000, depending on the complexity of the transaction.

In some cases, you may be able to roll the solicitor's fee into the mortgage, but this will likely increase the overall cost of the loan.

A different take: Do I Need a Solicitor to Remortgage