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first direct launches market leading fixed rate offset mortgages

17th January 2008 Print
first direct, the only bank to pass on the recent full base rate cut to new and existing customers with immediate effect, has launched two new market leading mortgages.

The two-year fixed rate offset mortgage is priced at 4.75% (6.5% APR) and the five-year fixed rate offset mortgage priced at 4.99% (6.1% APR). The rates are available from today, Thursday 17 January and following the fixed rate period revert to a competitive SVR of 6.50%.

first direct offset mortgages are unique in their flexibility. Not only can customers move as many times as they like with no mortgage transfer fee to pay, 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.

The first direct fixed rate offset Mortgages give borrowers:

a market leading rate of 4.75% fixed for two years (equivalent to 6.50% APR)
the mortgage attracts an arrangement fee of £499 and booking fee of £999
a market leading rate of 4.99% fixed for five years (equivalent to 6.10% APR)
the mortgage attracts an arrangement fee of £299 and booking fee of £299
availability to move their mortgage to a new property during the fixed rate as many times as they like with no mortgage transfer fee to pay
reversion to an extremely competitive standard variable rate (SVR) - currently 6.50% - at the end of the fixed rate term
maximum LTV is 80%
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. Borrowers are free to
opt for another fixed rate
current mortgage exit fee £149

For further information, visit firstdirect.com.