Tuesday 19th September 2006
First direct has unveiled two new fixed-rate offset mortgages that are expected to prove popular with customers.
The firm has launched a two-year offer with an interest rate of 4.99 per cent alongside a ten-year deal with a 5.19 per cent rate.
Both offers revert to a 5.75 per cent SVR, with an upper loan-to-value rate of 80 per cent.
Chris Pilling, chief executive of first direct, commented: "These two new mortgages are unique in the market at the moment.
"Not only are they very competitive but customers can move as many times as they like at no extra charge, overpay, underpay and redraw funds, without further approval, at a moments notice."
The offset function of the offers link current account and savings balances to the mortgage, meaning customers only pay interest on the outstanding figure.
For example, someone with a £100,000 mortgage and savings of £30,000, would only pay interest on £70,000.
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