First Direct is cutting rates on over 85% of its mortgage range by up to 50 basis points.

New rates are available on both repayment and offset products.

In addition, First Direct’s fourth mortgage rate reduction in as many months sees the introduction of two key mortgage products:

2.49% five-year fixed rate – £1,999 fee at 65% LTV
3.99% life tracker – £999 fee at 90% LTV

Andy Forbes, head of retail products at First Direct, said: “Since the beginning of the year we’ve continued to see competition increase in the mortgage market. In order to provide the best deal for all our customers, whether they have a 10% or 35% deposit, we’ve once again made reductions to our mortgage range to ensure all have access to market leading products.”