first direct Three-year Fixed Rate Offset Mortgage launched
www.moneynews.co.uk > Mortgages > first direct Three-year Fixed Rate Offset Mortgage launched
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Money News |
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first direct Three-year Fixed Rate Offset Mortgage launched
Fri 30th Jun 2006
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The new fixed rate mortgage product was launched today and it has a maximum loan-to-value of 80 per cent.
Customers can reduce the total amount owed because the offset facility links day-to-day current account balances to the mortgage and brings down the amount of interest left to be paid.
Borrowers are not obliged to take up the offset aspect of the first direct Three-year Fixed Rate Offset Mortgage and base rate tracker mortgages are also available.
Chris Pilling, chief executive of first direct, commented: "Fixed rate home loans have proved a huge hit with homeowners. In fact, seven out of every ten is now a fixed rate compared to just ten years ago where it was less than two in ten."
first direct is a division of HSBC which markets itself as "the world's local bank".
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