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First Direct launches market’s cheapest five-year fixed rate

First direct has launched the market’s cheapest five-year fixed rate mortgage at 2.64 per cent.

The deal has a £1,399 fee and is available up to 65 per cent loan-to-value. It is available as either a repayment or offset loan.

The lender also today launches a 2.49 per cent three-year fixed rate, also available up to 65 per cent LTV, with a £1,499 fee.

It has also launched a 2.38 per cent tracker mortgage with a £1,699 fee.

First direct head of retail products Andy Forbes says: “Over the last month we have seen competition increase in the mortgage market.  In particular our five year fixed rates have been extremely popular.  In response to this demand we have lowered the rates on many of our five year fixed rates, to ensure our customers have access to our most competitive rates.”



Ex-cabinet minister Liam Fox: Abolish CGT for five years

Former Conservative cabinet minister Liam Fox has called on the Government to scrap capital gains tax for five years to boost economic growth ahead of this month’s Budget. Speaking to the Institute of Economic Affairs today, Fox backed radical tax changes to help savers and first-time buyers while cutting back on welfare. He said: “I […]


Ian McKenna: Providing advice in a permanently connected world

The RDR and auto-enrolment have consumed the vast majority of resource and thinking across our industry for the past five years. So much so that as an industry I believe we have failed to adapt as well as we might to some of the wider changes in society, including the advent of a permanently “connected” […]


FSCS lowers interim investment adviser levy to £20m

The Financial Services Compensation Scheme is to issue a £20m interim levy on investment advisers for 2012/13. The interim levy represents a reduction from the FSCS’ previous estimate of £25m, but comes on top of a £76m levy on investment advisers for 2013/14. The need for an interim levy has been triggered following higher than […]

Simon Fletcher

Auto-enrolment: pay attention or pay the price

By Simon Fletcher

As a chief executive officer of a business in the financial services sector, I have been dealing with the introduction of auto-enrolment for our clients for some time, but I can also speak from an employer’s point of view, having to go through the process ourselves.


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