First Active is further cutting its first year fixed rate for new business from tomorrow. The rate is being reduced to 4.75% from 5.49% and is now the lowest cost one year fixed rate for new business.
This is the second reduction in fixed rates by First Active over the past three weeks and on a typical £100,000 mortgage over 20 years, equates to an annual saving of over £490.
The mortgage lender is the only provider to offer mortgage holders a two way bet on one, two and three year fixed rates with the once-off Free Switch Back Option back to the standard variable rate.
