First Direct Mortgage Rates: Fixed and Lifetime Tracker Deals by LTV
Updated 22 October 2026
First Direct is the telephone and online bank of HSBC UK, and it sells its mortgages only through its own channels: online without advice, or by phone with one of its own mortgage advisers. This page sets out its current range in one dated table, for buyers, remortgages and existing customers by loan to value (LTV) and fee, with its Lifetime Trackers and the 6.24% variable rate its fixes revert to. Mortgage One is a whole of market mortgage adviser, and the job here is to show where First Direct's price stands against HSBC and the lenders a broker can place, and which cases its criteria turn away.
To see where First Direct's price sits against the lenders a broker can reach, with a free initial consultation first, call 01202 155992 or contact Mortgage One.
First Direct mortgage rates checked on 22 October 2026
First Direct's lowest 2-year fix for a buyer is 5.04% at up to 60% LTV with a £490 booking fee, and its lowest 5-year fix is 4.99% on the same fee, below the 2-year. Its Lifetime Tracker starts at 4.55%, Bank Rate plus 0.80 points, with no early repayment charge, and its Standard Variable Rate (SVR) is 6.24%.
First-time buyers and home movers are offered the same rates, remortgages from another lender are priced separately, and existing First Direct borrowers have their own list. The tables show each range on the £490 fee and with no fee, then the trackers.
| Loan to value | 2-year, £490 fee | 2-year, no fee | 5-year, £490 fee | 5-year, no fee |
|---|---|---|---|---|
| Up to 60% | 5.04% | 5.18% | 4.99% | 5.06% |
| 60% to 75% | 5.13% | 5.28% | 5.09% | 5.19% |
| 75% to 85% | 5.24% | 5.38% | 5.17% | 5.29% |
| 85% to 90% | 5.35% | 5.48% | 5.19% | 5.39% |
| 90% to 95% | Not offered | 5.74% | Not offered | 5.59% |
The same rates apply to first-time buyers and home movers. The £490 is a booking fee, paid five working days after the rate is booked, non-refundable but transferable to another First Direct deal. First Direct prices its 70% and 75% LTV bands the same, and its 80% and 85% bands the same. 3-year fixes on the £490 fee: 4.99% up to 60%, 5.06% to 75%, 5.26% to 85% and 5.38% to 90%. Every fix reverts to the Standard Variable Rate of 6.24%.
| Loan to value | 2-year, £490 fee | 2-year, no fee | 5-year, £490 fee | 5-year, no fee |
|---|---|---|---|---|
| Up to 60% | 5.06% | 5.31% | 5.09% | 5.19% |
| 60% to 75% | 5.18% | 5.46% | 5.23% | 5.33% |
| 75% to 85% | 5.33% | 5.61% | 5.36% | 5.46% |
| 85% to 90% | 5.54% | 5.78% | 5.43% | 5.62% |
For a borrower moving to First Direct from another lender. First Direct pays for the valuation and for the standard legal work through its appointed solicitors. Remortgage lending stops at 90% LTV. 3-year fixes on the £490 fee from 5.08% up to 60% LTV.
| Loan to value | 2-year, £490 fee | 2-year, no fee | 5-year, £490 fee | 5-year, no fee |
|---|---|---|---|---|
| Up to 60% | 4.99% | 5.24% | 4.99% | 5.13% |
| 60% to 75% | 5.10% | 5.40% | 5.17% | 5.29% |
| 75% to 85% | 5.21% | 5.53% | 5.30% | 5.44% |
| 85% to 90% | 5.29% | 5.71% | 5.39% | 5.51% |
| 90% to 95% | Not offered | 5.74% | Not offered | 5.59% |
For borrowers whose mortgage is already with First Direct, switching rate or borrowing more. 3-year fixes on the £490 fee from 4.98% up to 60% LTV. Existing customers can also take a 2-year fixed offset mortgage at 5.54% or a Base Rate Tracker offset from 4.68%, both up to 75% LTV.
| Loan to value | New customer, £490 fee | New customer, no fee | Existing customer, £490 fee | Existing customer, no fee |
|---|---|---|---|---|
| Up to 60% | 4.55% (Bank Rate + 0.80) | 4.65% (Bank Rate + 0.90) | 4.24% (Bank Rate + 0.49) | 4.65% (Bank Rate + 0.90) |
| 60% to 75% | 4.55% (Bank Rate + 0.80) | 4.65% (Bank Rate + 0.90) | 4.24% (Bank Rate + 0.49) | 4.65% (Bank Rate + 0.90) |
| 75% to 85% | 4.65% (Bank Rate + 0.90) | 4.75% (Bank Rate + 1.00) | 4.59% (Bank Rate + 0.84) | 4.75% (Bank Rate + 1.00) |
| 85% to 90% | 4.65% (Bank Rate + 0.90) | 4.75% (Bank Rate + 1.00) | 4.65% (Bank Rate + 0.90) | 4.75% (Bank Rate + 1.00) |
Lifetime Trackers run for the whole mortgage term at a set margin over Bank of England Bank Rate, 3.75% at this check. They carry no early repayment charge or closure fee, and the £490 on a tracker is an arrangement fee, payable when the mortgage completes or added to the loan. New customer rates apply to first-time buyers, home movers and remortgages alike. Source: First Direct's mortgage rate list and product pages, read 22 October 2026. First Direct changes rates without notice.
First Direct's £490 fee is half of HSBC's £999, so it pays for itself on smaller loans. On a 2-year purchase fix at 60% LTV, 5.04% with the £490 fee costs less over the two years than the fee-free 5.18% on any loan above about £176,000. On the 5-year the gap is 0.07 points, 4.99% against 5.06%, and the fee wins from about £143,000. A remortgage widens the gap to 0.25 points, 5.06% against 5.31%, so the fee pays for itself from about £98,000.
Every First Direct deal allows unlimited overpayments and lump sum repayments without a charge, where HSBC caps overpayments at 10% a year. The early repayment charge applies only if the whole mortgage is repaid inside a fixed rate: 3% of the original loan in the first year and 2% in any later year, so £7,500 then £5,000 on a £250,000 mortgage, whether the fix is for 2, 3 or 5 years.
Is First Direct cheaper than HSBC?
On the 5-year fix, yes, at every LTV band we compared. Both banks are part of HSBC UK, but they price separately. At 60% LTV both charge 4.99% on a 5-year fix, and First Direct's £490 fee is £509 less than HSBC's £999. At 75% First Direct charges 5.09% against HSBC's 5.13%, and at 90% 5.19% against 5.26%.
On the 2-year fix HSBC's rate is lower and its fee higher. At 60% LTV HSBC charges 4.96% with a £999 fee against First Direct's 5.04% with £490, so HSBC costs less over the two years only on loans above about £320,000. At 75% it is 5.06% against 5.13%, and at 90% 5.31% against 5.35%. These HSBC figures are its home mover rates from our HSBC mortgage rates page, checked on 21 October 2026.
The criteria differ more than the prices. HSBC considers foreign currency income and lends on buy-to-let, and First Direct does neither, so a case First Direct declines on currency or property type may still fit HSBC.
Who First Direct will lend to
Every applicant must be a permanent UK resident and UK taxpayer, aged 18 or over, with the mortgage ending by age 70 or the expected retirement date, whichever comes first. The loan must be at least £10,000 over a term of 2 to 40 years, on the borrower's main residence, at up to 95% LTV on a purchase and 90% on a remortgage.
First Direct lends up to 4.75 times income. On a £50,000 salary that is £237,500, and on a joint £80,000 it is £380,000. Our Nationwide mortgage calculator shows which of the larger lenders stretch further on the same income, where a 4.75 times cap is the limit on the case.
The property rules are narrower than most. First Direct does not lend on buy-to-let, right to buy or shared ownership, caps new builds and flats at 90% LTV, needs at least 50 years left on a lease at the end of the mortgage term, and lends only on standard construction with a working kitchen and bathroom.
Self-employed applicants need two years of tax calculations and tax year overviews as a sole trader or partner, or two years of finalised accounts as a director with 25% or more of the shares. A director with less than 25% is assessed as employed, and someone trading for under two years needs at least one year's figures plus three months of business bank statements. Because First Direct lends only to UK residents, expats and anyone living abroad need the lenders on our expat mortgage rates page instead.
If First Direct's 4.75 times cap, its residence rule or its property rules take your case out of its range, call 01202 155992 or contact Mortgage One.
First Direct's Lifetime Tracker
First Direct's tracker runs for the whole mortgage term at a set margin over Bank Rate, so there is no end date and no reversion to the SVR. New customers pay from 4.55%, Bank Rate plus 0.80 points with a £490 arrangement fee, or 4.65% with no fee. Existing First Direct borrowers can switch to a tracker from 4.24%, Bank Rate plus 0.49 points, the lowest rate on the whole rate list.
The tracker carries no early repayment charge or closure fee, and First Direct allows a move from it to another rate at any point with no fee. On £250,000 over 25 years, the 4.55% tracker costs about £1,397 a month against £1,467 on the 5.04% 2-year fix, about £71 less while Bank Rate stays at 3.75%, with the next decision due on 5 November 2026. Our tracker mortgage rates table sets lender margins side by side.
First Direct lists offset mortgages for existing customers only, a 2-year fixed offset at 5.54% and a Base Rate Tracker offset from 4.68%, both up to 75% LTV. Our guide to offset mortgages explains when linking savings to the loan beats overpaying it.
First Direct rates for existing customers and remortgages
An existing First Direct borrower can switch to a 2-year fix at 4.99% at up to 60% LTV on the £490 fee, 0.05 points below the new customer rate, or a 5-year fix at 4.99%. A new rate can be booked within 90 days of the current fix ending, and a borrower on a tracker can switch at any time.
A fix left to run off moves to the SVR at 6.24%. On £250,000 over 25 years that is about £1,648 a month against £1,460 on the 4.99% switch, £188 a month more. Our guide to the product transfer mortgage explains how to test a switch offer against the market before accepting it.
A remortgage to First Direct from another lender starts at 5.06% on a 2-year fix and 5.09% on a 5-year fix at up to 60% LTV on the £490 fee, with the valuation and the standard legal work paid for and a usual timescale of four to six weeks. Borrowing more than the current balance has to be arranged by phone. Our remortgage rates by lender table shows how that compares with the other large lenders. Figures as of 22 October 2026.
For First Direct's switch rate and the strongest remortgage elsewhere costed side by side on your own balance, call 01202 155992 or contact Mortgage One.
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The information provided in this article is for general guidance only and does not constitute personal or regulated financial advice. If you'd like to understand what these moves could mean for you, speak to Mortgage One. We can explain your options and timings based on your specific circumstances.
FAQs
1. What are First Direct's mortgage rates today? At our 22 October 2026 check, First Direct's lowest purchase fixes at up to 60% LTV were 5.04% on a 2-year fix and 4.99% on a 5-year fix, both with a £490 booking fee. Its Lifetime Tracker starts at 4.55% and its Standard Variable Rate is 6.24%.
2. What is First Direct's standard variable rate? First Direct's Standard Variable Rate is 6.24%. Every First Direct fixed rate reverts to it when the fixed period ends. The rate is set by First Direct and does not track Bank Rate. Its Lifetime Trackers never revert to it.
3. How much will First Direct lend? Up to 4.75 times income, at up to 95% LTV on a purchase and 90% on a remortgage, with a minimum loan of £10,000. On a £50,000 salary, 4.75 times is £237,500.
4. Does First Direct charge early repayment charges? Only on fixed rates, and only if the whole mortgage is repaid during the fix: 3% of the original loan in the first year and 2% in any later year. Overpayments and lump sums are unlimited and free of charge, and the Lifetime Tracker has no early repayment charge.
5. Is First Direct cheaper than HSBC? On the 5-year fix, yes: at our 22 October 2026 check First Direct matched or beat HSBC's home mover rates at 60%, 75% and 90% LTV, on a £490 fee against HSBC's £999. On the 2-year fix HSBC's rates were lower, and HSBC cost less overall only on loans above about £320,000 at 60% LTV.
6. Does First Direct do buy-to-let mortgages? No. First Direct lends only on the borrower's main residence and does not lend on buy-to-let, right to buy or shared ownership properties.
7. Can expats get a First Direct mortgage? No. Every applicant must be a permanent UK resident and a UK taxpayer. Expats and borrowers living abroad need a lender that accepts overseas residence and income.
8. How do I apply for a First Direct mortgage? Online without advice, where an offer has been accepted on a property or for a like-for-like remortgage, or by phone with a First Direct mortgage adviser. Mortgage One is a whole of market mortgage adviser, compares First Direct's rates with the lenders it can place, and the first consultation costs nothing.