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A new range of fee-free offset tracker home mortgages has been announced by First Direct.
HSBC subsidiary First Direct has unveiled two new home mortgages which do not require any upfront fees - something which may interest first-time buyers looking to purchase a home.Both home mortgages allow customers to link up the loans with a savings account in order to offset the costs of repayments and reduce outgoings in the difficult economic climate.
The first deal is a tracker mortgage which has an interest rate of 2.49 per cent plus the Bank of England base rate, currently at 0.5 per cent, and requires a deposit of 40 per cent.
The second is similar to the first, however first-time buyers can take advantage of the 25 per deposit requirement while paying 2.94 per cent plus the base rate in interest.
Fees for booking, arrangement, standard valuation, closure and early redemption are all waived with the home mortgages.
Jimmy Kelly, head of mortgages for First Direct, said: "We find some mortgage customers are often put off moving from their current provider by the large fees associated with securing their new deal.
"Our new offers are in direct response to the feedback we've had from customers looking to move to First Direct."
Major mortgage lenders such as Abbey and Nationwide have recently taken positive steps to prompt competition in the market by reducing interest rates on their home loan products.
According to Moneyfacts, the flurry of activity in the home mortgage market over the past few weeks has been "refreshing" and adds further evidence to reports that the country is lifting out of the recession.
Written by Garry Sagan
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