New first direct mortgages made available

Date:Tuesday 21st July 2009
Author: Max Freedman

Homebuyers in the UK now have access to a number of new first direct mortgages.

The lender announced that it has released a Capped Tracker mortgage, which follows the Bank of England base rate at 2.48 per cent for the lifetime of the loan.

It is therefore currently priced at 2.98 per cent.

The home loan has a cap on its top rate of 4.99 per cent until August 2012, which first direct says will provide those who take out the product with security.

In addition, the lender has re-priced its fixed-rate products, with a two-year product available at 3.94 per cent for loan-to-values of up to 75 per cent.

Meanwhile, a three-year product is on offer at 4.34 per cent and a further three-year loan is on the market at 4.64 per cent.

Both of these products are also available at LTVs of up to 75 per cent.

Earlier this month, first direct announced the commencement of its Summer Sale of mortgage products.