2 Dec

UK's lowest lifetime tracker mortgage launched by first direct

UK's lowest lifetime tracker mortgage launched by first direct

British borrowers could take advantage of one of the few lifetime tracker mortgages to drop below three per cent.

Available at a maximum loan-to-value (LTV) of 65 per cent, the product from first direct tracks at 2.08 per cent, slightly above the Bank of England base rate set at 2.58 per cent at the end of 2009.

Launched on December 1st, it is the lowest lifetime tracker mortgage on the market.

According to the lender, the low-interest environment is the best time for borrowers to take out a debt-reduction offset mortgage.

Jimmy Kelly, head of mortgages at first direct, said: "The flexibility of the first direct offset tracker, plus the fact that you can keep all your money in separate accounts, makes it easier to keep on top of your finances and reduce your debt more quickly."

At the beginning of December the Co-operative Bank released data, indicating that an increasing number of its customers are making overpayments on their mortgages in a bid to take advantage of the low Bank of England rates.

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