First Direct launches new mortgage
www.moneynews.co.uk > Mortgages > First Direct launches new mortgage
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Money News |
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First Direct launches new mortgage
Tue 19th Aug 2008
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First Direct has introduced a new fee-free offset mortgage.
Linking day-to-day savings with current account balances to the mortgage, customers pay only the interest on the difference.
As an example, someone with a £100,000 mortgage and £20,000 in savings will pay interest on only £80,000.
Chris Pilling, chief executive of First Direct, said the new product offers "no costs at all, apart from the loan itself".
It is available on a maximum loan to value of 80 per cent and on a minimum loan of £30,000.
UK house prices dropped by the greatest amount in nearly 20 years in July.
Bloomberg.com reported how the average home value fell 8.1 per cent from a year earlier, according to Nationwide Building Society.
Consumer confidence also fell to a record low according to an index of confidence based on a 2,001-strong survey by GfK NOP.
Click here for more mortgage news.
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Related News : Loans |
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