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first direct unveils short- and long-term mortgage options

20 September 2006
Internet banking company first direct has announced two new fixed-rate mortgage products for inclusion in its portfolio.

A two-year fixed rate offset mortgage at 4.99 per cent is now available, along with a longer term product, fixed for ten years, at 5.19 per cent. Both are available with a maximum loan-to-value of 80 per cent.

Upon completion of the fixed-rate term, both mortgages revert to first direct's standard variable rate of 5.75 per cent.

Chris Pilling, first direct's chief executive, said: "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 moment's notice."

"By offering a two and ten year deal, customers can choose how long they wish to fix their rate for and benefit from the flexibility of a first direct mortgage."

To compare the best mortgage rate deals on the market, click here.

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