First Direct launch an offset mortgage at 2.74%.
A new 3 year fixed offset mortgage has been launched by first direct.
The new deal is offered for 65% LTV at 2.74% and is the lowest offset that has been available for the last 5 years. There is however a downside to the deal, the lender has advised that mortgage fees are charged at £1,499.
Various 'lowest ever' mortgage rates have been launched recently, but the high fees charged mean lenders give with one hand but take with the other. When reviewing offers it is important to remember that a low rate with a high fee may not work out as cheap overall as at first thought.
It is vital to calculate out the true cost of any mortgage as while a high mortgage fee for a low mortgage rate could benefit those looking for a large mortgage, those who are looking for a smaller loan or a shorter term may benefit less and may be better off with a lower fee but higher rate.
Rather than being seduced by a low headline rate would-be buyers are advised to call Deal Direct as we will thoroughly search the mortgage market for the right mortgage for your needs.
We will work out the affordability of any offer and will ensure you are quoted the most appropriate mortgage for your circumstances, whether it is an offset mortgage, fixed rate or tracker.
Fixed rate mortgage deals offer home-owners security, and the inclusion of an offset mortgage element gives the added bonus of allowing penalty free over and underpayments allowing your home loan to be paid off much more quickly.
For a competitive quote call Deal Direct today.
