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Direct Line launches Living for Less deal

27 January 2006
Direct Line has launched a new product which combines a cheap mortgage with a home insurance discount.

Homeowners are given free home emergency cover worth £142 with the new Living for Less deal, which has been praised by consumer groups.

"It is usually good news for consumers when lenders try to be innovative or unique with their mortgage products," said Rachel McKay, mortgage analyst from comparison website Moneyfacts.

She said that in the past, some packages have offered customers plasma TVs, high-spec PCs and even cars with their home loans. However, she criticised such gimmick deals for their "specific nature", saying they had "limited appeal".

"The deal on offer from Direct Line is much more straightforward and should appeal to a wider audience, as it comes with add-ons that are high on the shopping list for those looking to move home or remortgage."

With the new Living for Less package, people can get at two-year tracker mortgage at 4.5 per cent for two years, as well as free legal and valuation fees for remortgagers or fixed rate mortgages at 4.74 per cent.

Customers also get a 20 per cent discount on home insurance for the first two years and free home emergency cover worth £71.55 per year.

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