first direct variable rate offset mortgage fees cut

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first direct variable rate offset mortgage fees cut

first direct mortgages is cutting arrangement and application fees, it has been announced today.

The first direct mortgages offer could save customers almost £600 if they apply before July 12th 2006.

Fees will not be charged for arrangement and applications on the first direct variable rate offset mortgage, exit fees will be charged at £149.

Interest rates on the mortgage are offered at 5.50 per cent and customers can overpay, underpay and redraw funds when they choose.

Chris Pilling, first direct's chief executive, said: "Our offset mortgage remains a firm favourite with our customers. With a saving of nearly six hundred pounds on their mortgage, the offer looks better than ever."

first direct mortgages research showed that in early 2003 only 20 per cent of people knew what an offset mortgage was, but it says awareness of offset mortgages is on the increase in the UK.

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