first direct is the most flexible

According to David Knight, principal mortgage consultant at Moneyfacts Group PLC, first direct is the only lender in the UK that offers a fixed rate offset which allows the customer:

• the flexibility to make unlimited overpayments (in either lump sums or regular payments with no early repayment charges) and
• to redraw funds at the same rate throughout the term of the mortgage (up to the original mortgage limit).

Jimmy Kelly, head of mortgages at first direct commented: "We know customers fear that they'll leave fixing their rate until it's too late or fix too early and miss the opportunity to save money and reduce their term by overpaying.

"The benefit of choosing first direct's market leading offset is that customers no longer have to decide between the security of fixing a great rate and flexibility. They can have both. A best buy fixed rate secured when the market is low and the flexibility to overpay and reduce the term of their loan at no further cost. Add to this the savings benefits of offset mortgages and it's hard to find a reason not to switch. It's win-win."