Sold exclusively through intermediaries, First Active offers a two year discount mortgage and a five year stepped mortgage with rates that start low and stay competitive long-term.
Both mortgages are being sold exclusively through intermediaries. They track the Bank of England rate and offer competitive intermediary procurement fees.
The first clients, Charles Hunt and Joanna Felstead, were sold a two year discount mortgage by an intermediary based at Bradford and Bingly in Loughborough.
The intermediary Nick Parker said: "It is great to be able to say that I sold the first mortgage nationwide from First Active. I suggested the product because it was the best fit for the client's needs. I wanted a forward thinking lender whose criteriawas geared for today's first time buyers. The client was delighted as the rates are low and the product suits their lifestyle perfectly."
The first product available from First Active is a two-year discount mortgage which offers a rate of 4.29% for two years (0.21% below the BoE rate). This then moves to 0.69% above the BoE rate for the life of the mortgage.
The second is a five year stepped mortgage, starting at 3.39% for the first year (1.11% below the BoE rate) and then increasing in steps that track the BoE rate over the following four years (0.19% above the BoE rate, +0.99%, +1.49%, +1.89%). It then moves to 0.69% above the BoE rate for the life of the mortgage.
Louis Kaszczak, national partnership manager, said: "First Active's products are receiving a very positive response from intermediaries. This follows on from our research that shows intermediaries believe that a discounted initial rate and low long term rates linked to the BoE rate are among the most important features of a mortgage. On top of that, good service is paramount."
