3 Mar

Bank launches new offset mortgage

Bank launches new offset mortgage

A new offset mortgage product has been launched by First Direct.

The deal allows customers to repay at a rate of 2.99 per cent for two years, after which the payments switch to the bank's standard variable rate, currently at 3.69 per cent.

Available at a maximum loan-to-value (LTV) of 75 per cent, the product comes with a booking fee of £599 and an arrangement fee of £299.

First Direct said that over a tenth of its customers now have an offset mortgage with the lender.

Mortgage manager Jimmy Kelly stated: "This product is a market leader and we think it will be very popular.

He added: "Our customers are extremely savvy when it comes to knowing how to make the most of their money."

Other recently announced mortgage deals include Nationwide's launch of three new tracker products.

These offer loans for two, three and five years at up to 60 per cent LTV.

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