What changes are being made to first direct mortgage rates?
On 20 November 2008, we announced that our mortgage Standard Variable Rate will reduce by 0.81% from Friday 5 December 2008. Therefore, the first direct Standard Variable Rate will fall from 5.50% to 4.69% – no major lender has a lower Standard Variable Rate than first direct. This follows the Bank of England’s announcement on 6 November 2008 to reduce the Base Rate from 4.50% to 3.00%.
