first direct launches new offset mortgage

17-Oct-2006

first direct has announced the launch of its new offset mortgage, which may be suitable for first time buyers.

The new mortgage package has been developed with new parents in mind following the forthcoming changes to maternity leave, making this mortgage potentially suitable for first time buyers expecting a new addition to the family.

Under the terms of the mortgage, borrows can choose to underpay and overpay, in addition to switching between interest only and capital repayment.

As part of its range, first direct are offering the new offset package as a two, three, five and ten year fixed-rate package.

"Having a child can be an expensive time, especially if parents are losing part of their regular monthly income through leave," said Chris Pilling, chief executive of first direct.

"But there are many other life changing events that mean borrowers may need a break from their repayments, for example career changes such as taking a year out to retrain," he added.

Under the new provisions governing maternity leave, from April 2007, new mothers will be entitled to nine months paid leave, instead of the previous six.

In addition to mortgages, first direct offers a range of services, including current accounts and insurance.

To find out more about this mortgage, contact a good mortgage broker.

For our first time buyer's guide to buying a property click here.

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