Available immediately, the two limited offer rates are priced at 5.49 per cent (6.9 per cent APR) and 5.99 per cent (6.8 per cent APR).
Both deals revert to a competitive SVR of 6.75 per cent and have a maximum loan-to-value of 80 per cent.
Over 10 per cent of the bank’s customers now have offset mortgages, choosing to make use of the financial benefits of linking day-to-day savings to their current account balances and mortgage.
Chris Pilling, first direct´s chief executive said: “There is no reason why customers shouldn’t benefit of making their savings and current account balances work hard to reduce their mortgages. Not only can our customers move as many times as they like at no extra charge, they can overpay, underpay and redraw funds, without further approval, at a moment´s notice and at the same great rate that they originally fixed the mortgage.”
Further product details are as follows:
- The 5.49 per cent fixed rate attracts an arrangement fee of £1,499 and booking fee of £99.
- The 5.99 per cent fixed rate has no arrangement fee and a booking fee of £99. Minimum loan's size £15,000 and there is no maximum loan.
- Maximum LTV is 80 per cent
- Minimum loan size is £15,000, maximum £300,000
- 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.
- Mortgage administration closure fee £149
