First Direct launches tracker mortgage

First Direct launch three-year capped tracker mortgage

A three-year limited edition capped tracker mortgage has been launched by finance provider First Direct, with the 65 per cent loan-to-value (LTV) option guaranteed never to rise above 3.98 per cent.
First Direct launches tracker mortgage

First Direct has launched an offset tracker mortgage which pays 2.48 per cent above the Bank of England base rate.

Thursday, 02 July 2009 12:00

First Direct has launched an offset tracker mortgage which pays 2.48 per cent above the Bank of England base rate.

The mortgage is capped at 4.99 per cent until 2012, so borrowers will not have to pay interest of more than this amount for three years.

And it is available for loans of up to 75 per cent of the property's value.

Jimmy Kelly, mortgage manager for First Direct, said: "We wanted customers to be able to take advantage of the current low base rate and offer the security of knowing their mortgage rate won't go above 4.99 per cent over the next three years."

The mortgage has an arrangement fee of £1,499 and is available to new customers only.

First Direct is offering the loan as part of its Summer Sale which includes cashback offers on both life insurance and loans as well as zero per cent commission on travel money.

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