Help for first time buyers with new fixed-rate mortgages

19-Sep-2006

The loans are offered at a two-year fixed-rate of 4.99 per cent and a ten-year fixed-rate of 5.19 per cent.

In addition, the mortgages offer flexible features which may appeal to first time buyers, such as an offset facility, linking first time buyer's savings and current account balances to the loan.

In this way, aspiring homeowners pay the interest on the difference, reducing the amount owed and therefore the interest.

For example, a homeowner with £20,000 of savings and a £100,000 mortgage would pay the interest on £80,000.

Chris Pilling, First Direct's chief executive, said: "These two new mortgages are unique in the market at the moment.

"Customers can move as many times as they like at no extra charge, overpay, underpay and redraw funds without further approval, at a moments notice."

In addition to mortgages, First Direct offers online banking services, including credit cards, loans and current accounts.

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