first direct new base rate tracker mortgage

first direct has launched a new market leading offset tracker mortgage which tracks the bank of England base rate plus 2.29% for the life of the loan.

The mortgage is currently priced at 2.79% (2.9%APR) with a £999 application fee and a maximum loan to value of 60%.

Nearly 90% of first direct's mortgage customers have an offset mortgage choosing to make efficient use of their day-to-day savings and current account balances by netting them off against their loan.

Jimmy Kelly, head of mortgages for first direct commented: "With the base rate continuing to be at a record low, tracker mortgages are still proving extremely popular and we want to continue offering best buy rates for our customers."