First Direct Mortgage Summer Sale Underway

by Peter Jacobs

It’s something we don’t normally hear about from banks but they did it last year and they are doing it again – First Direct Bank are having a summer sale and that includes their mortgage products as well. First Direct announced the launch of their mortgage summer sale and have some fantastic deals which have propelled some of them back into the best buy categories. The headline change is that all of their mortgage products have a fixed low product fee of just £99. This is great news for homeowners because some of the larger banks and building societies have mortgage fees of up to £1,500 or more in some cases. Although the loan to value (LTV) percentages are still slightly risk adverse, if you have a large enough deposit and are looking to remortgage, move home or simply buy your first property then these deals may be for you.

First Direct Mortgages at a Glance

Here are the rates for their summer sale fixed rate and offset rate mortgage products. The offset mortgages are some of the most popular that First Direct offer so could be good for you and you may be able to pay your mortgage off some months or years earlier just by linking your current and savings accounts to your mortgage account. Here are the deals announced today :

For fixed rate mortgages :

  • 2 year fixed rate mortgage 2.99% 65% LTV
  • 2 year fixed rate mortgage 3.49% 75% LTV
  • 5 year fixed rate mortgage 4.19% 65% LTV

For offset mortgage products :

  • 3 year fixed offset mortgage 4.39% 75% LTV
  • offset tracker mortgage 2.49% above BOE base rate (2.99%) 75% LTV

For standard lifetime tracker mortgages :

  • 2.29% (BOE + 1.79%) 65% LTV
  • 2.79% (BOE + 2.29%) 75% LTV
  • 3.49% (BOE + 2.99%) 85% LTV

The summer sale will continue over the summer months so if you are thinking of a First Direct mortgage or are already going through the process then these rates and a market beating product fee are some of the best deals available.

Applying for a First Direct Mortgage

The great thing about First Direct is you can do everything over the telephone. If you are already a First Direct customer just ask to speak to their mortgage department and in around 20 minutes all of the information required will be provided and they can normally give you an instant decision. If you accept this then the paperwork is sent out to you to complete.

If you are already going through the process and were quoted the previous product fees, often at around £999, then it’s worth speaking with someone and asking for the new product fee to take effect which would save you over £900 from one 2 minute telephone call.

First Direct do not advice on mortgage products so if you are unsure please speak to your independent financial adviser about these First Direct products and others that may be suitable for your requirements.

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