First direct has reduced the rate of its five-year fixed rate repayment mortgage from 4.69% to 4.54% and lowered the arrangement and booking fee from £499 to £249 respectively.

The mortgage has a maximum loan to value of 65%.

Richard Tolchard, senior mortgage product manager at first direct, said: “We introduced our five-year fixed rate repayment mortgage range in March in response to customers’ requests for a product which would offer them the peace of mind of fixed monthly payments following the General Election. We’re really pleased to be able to sweeten the deal further by reducing the arrangement and booking fees and making our 65% LTV option best in its class.”””