first direct has introduced a new market leading* Life Tracker mortgage with a loan to value of 85% at 3.49% above base rate, currently 3.99% (a 75% LTV at 2.89% and 65% LTV at 2.39% are also available, see table below). The new 85% LTV repayment mortgage carries an arrangement fee of £499.
|
|
% Above Bank of England Base Rate |
APR |
Max Loan to Value |
Arrangement Fee |
|
2.39% |
1.89% |
2.5% |
65% |
£499 |
|
2.89% |
2.39% |
3.0% |
75% |
£999 |
|
3.99% |
3.49% |
4.1% |
85% |
£499 |
first direct mortgage expert, Jimmy Kelly, said: "first direct is traditionally recognised for its remortgage products rather than purchase products, however our new Life Tracker with an 85% loan-to-value is the start of a range expansion to help in all financial situations, ensuring flexibility to all home buyers.
There are few mortgage products available in this category and we want to help people who can't quite reach a 20% deposit for their new mortgage, but have more than 10% saved. "
>ends<
*Market leading in their LTV category according to Moneyfacts.com
Key facts for the Repayment Mortgage
- Rates available up to 85% LTV
- Agree total borrowing of at least £10,000. Maximum overall borrowing limit of £5,000,000*. *Subject to LTV restrictions
- Agree to repay the mortgage over a term of between 2 - 40 years
- Be aged 18 or over
- Have a current account
- Own or be planning to buy a property in England, Wales, Scotland or Northern Ireland
- Use the mortgage for house purchase, remortgage or for raising capital by releasing equity. Purpose of lending can be for any legal, personal use. Excludes business purposes
- Not available for purchasing property on a 'Buy to Let' basis
- Not available for purchasing property on a 'Right to Buy' basis
- Repayment Mortgage is a capital repayment mortgage only and is therefore not available on an interest only basis
- An arrangement fee will apply
- Valuation Fees will apply but will vary depending on property value and type of valuation.
- No land registry fees for customers remortgaging a property in England or Wales
- No money transmission fees
- An administration closure fee of £149 is payable on redemption of all Life Tracker mortgages. This fee is waived if the closure of the mortgage coincides with the customer taking out another first direct mortgage product
