In addition, it has left the interest rates across its first mortgage portfolio unchanged.
First National, a GE Company based in Harrow, specialises in providing non-conforming mortgages. Previously its fixed rate product terms ended in August from 2004 to 2008. Now, from 1 October 2003, the term of all fixed rate deals for new customers has been extended to January, giving borrowers an extra four months on the preferential rate before reverting to the SVR for their chosen product.
First National’s decision to keep the interest rate at which the products are fixed unchanged means non-conforming borrowers can still benefit from a longer lasting deal, with rates from as little as 4.99%. This comes at a time when uncertainty is leading some lenders to increase the cost of fixed rate mortgages.
Ron Howell, First National Sales Director, said: “Borrowers who take out fixed rate mortgages do so because they are looking for a degree of stability and certainty. By extending the fixed rate periods and holding the rates on these products, we are offering them the certainty that they can enjoy their chosen rate for even longer.”
First National offers fixed rates on all its standard and self-certified mortgage options, across product ranges including Fresh Start and Credit Repair. For more information call 0208 909 8090 or visit www.firstnat.co.uk/mortgages
