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Evening Standard
Evening Standard
Business
Michael Hunter

First Direct offers 10-year, fixed-rate mortgage to help homeowners cope with inflation

First Direct Inflation London

House prices rose 13% in June (Gareth Fuller/PA)

(Picture: PA Archive)

First Direct is the latest lender to offer a longer-term fixed rate mortgage deal aimed at borrowers facing simultaneous rises in interest rates, inflation and house prices.

The online-only bank has unveiled a 10-year fixed-rate mortgage on home loans of up to £550,000 and over full terms of up to 40 years. It comes as the Bank of England lifts interest rates from the historic lows reached during the pandemic, when the economy required emergency support. Rates have been increased by the Monetary Policy Committee at each one of its meetings this year and are usually passed on to mortgage borrowers on variable rate deals.

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