RATE * TERM * LTV * ARRANGEMENT FEE * BOOKING FEE * APR
3.34% * 2 year * 60% * £999 * £499 * 3.9%
4.24% * 3 year * 60% * £499 * £499 * 4.0%
Jimmy Kelly, Mortgage Manager for first direct commented: ‘Mortgage rates are moving around a lot at the moment however we always aim to be one of, if not the leading rate. Our two new fixed rate products reflect the fact that nearly 50% of our customers put down deposits of over 60%.'
first direct recently launched the Capped Tracker mortgage which tracks the bank of England base rate at 2.48% for the life of the loan and is currently priced at 2.98%. The tracker has a cap on its top rate of 4.99% until 31 August 2012 which means customers can benefit from the current low base rate but with the security of knowing they will not pay more than 4.99%.
first direct has also repriced it current fix rates as follows:
RATE * TERM * LTV * ARRANGEMENT FEE * FIXED RATE BOOKING FEE * APR
3.94% * 2 year * 75% * £499 * £499 * 3.9%
4.34% * 2 year * 75% * £0 * £99 * 3.9%
4.64% * 3 year * 75% * £499 * £499 * 4.1%
4.89% * 3 year * 75% * £0 * £99 * 4.1%
For further information please contact Amanda Brown on 01132766700 or [email protected]
For immediate information on our new mortgages and rate changes go to www.newsroom.firstdirect.com and use the mortgages tag to receive information as it goes live at first direct.
The key features of first direct's offset fixed rate mortgages are:
financial benefit of offsetting any credit balances against the mortgage
availability to move a mortgage to a new property during the fixed rate for free, as many times as they like
reversion to an extremely competitive standard variable rate (SVR) - currently 3.69% - at the end of the fixed rate term
ability to redraw funds at the fixed rate at any time during the fixed terms.
minimum loan size is £30,000
every £400,000 of borrowing attracts arrangement and booking fees
the flexibility to make unlimited overpayments in either lump sums or regular payments
no tie in to the SVR at the end of the term. Borrowers are free to opt for another fixed rate
a valuation fee may apply which is based on value of the property
early repayment charges apply during the fixed rate period
current exit fee £149
