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Lowest ever five and two-year fixed rates released

First Direct has launched a five-year fixed rate at 2.69 per cent for those with a 35 per cent deposit.

The direct-only lender is charging a £1,999 booking fee for the product.

Moneyfacts says this is the lowest five-year fixed rate currently on offer.

First Direct head of retail products Andy Forbes says: “Over the last month we have seen borrower appetites increase for longer term fixed rate mortgage deals. In response to this demand we have reviewed our offers to ensure that we continue to give our customers access to the most competitive rates available.”

Chelsea Building Society has launched the market’s lowest two-year fixed rate at 1.89 per cent.

The direct-only product is available to borrowers with a 40 per cent deposit and has a £1,695 fee.

Tomorrow, ING Direct is launching the market’s lowest two-year tracker mortgage at 1.94 per cent, which is available up to 60 per cent LTV.

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