First Direct Launches Flexible, Fixed Rate Mortgage
Award-winning bank launches fixed-rate mortgage with offset and flexible payments
11th July 2005
Award winning direct banking pioneer First Direct have launched a new fixed rate mortgage that combines the security of monthly repayment certainty, with flexible repayments and offsetting capability.
The mortgage is launched with a rate of 4.89% fixed for 3 years (5.7% APR), and will then revert to First Direct's standard rate which currently stands at 5.75%.
However, the customer is free to take advantage of another fixed rate deal at that point, at whatever rate First Direct will then be offering.
Other features of the mortgage include the ability to offset savings and current account balances to lower the amount of interest charged, and full flexibility to make unlimited overpayments and underpayments. Customers also have the option of withdrawing money back up to the original limit.
First Direct's Richard Kimber commented:
"Our low fixed rate offers monthly repayment security at a great price. The sums get even better when you take into account the ability to offset."
Read More: Press Release
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