First Direct cuts UK mortgage rates

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First Direct cuts UK mortgage rates

Lender First Direct has announced a reduction in rates on a third of its mortgage deals.

The business has taken steps to reduce rates on 20 of its 52 mortgage products which are currently available to Brits looking to buy a home or remortgage, with three of these products listed on last weekend's best buy tables.

Richard Tolchard, senior mortgage product manager at First Direct, commented: "We're happy to help homeowners looking for a better deal by reducing the cost of some of our mortgages at a time when other household bills are rising."

Meanwhile, Paul Holmes, chief executive officer of Firstrung, recently claimed borrowers should steer clear of interest-only mortgages. He described them as "ticking time bombs" in the present financial environment.

He noted interest-only borrowing can be a bad idea as buyers are paying more than they would to rent and run the risk of price drops meaning their borrowings will outweigh the value of their home at the end of loan's term.

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