First Direct has launched its first ever 5% deposit mortgage to first-time buyers and home movers, making it one of just a few UK challenger banks to enter the 95% LTV market.
Borrowers can secure up to £550,000, with no product fees, and the option to secure some of the best fixed-rates for 5% deposit holders. The mortgages available, which can be held up to a maximum 40-year term, are:
- Two-year fixed rate at 2.79%; zero product fee; free standard valuation
- Five-year fixed rate at 2.94%; zero product fee; free standard valuation
