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first direct kicks off its Summer Sale with market beating mortgage offer

01 Jul 2009

first direct has launched a market leading offset tracker mortgage which tracks the bank of England base rate plus 2.48% for the life of the loan.  The mortgage is currently priced at 2.98% (3.2%APR) and, unlike any other tracker currently available, the mortgage rate offers customers the security of being capped at 4.99% until 2012.

The new mortgage has a maximum loan to value of 75% and an arrangement fee of £1,499.

Jimmy Kelly, Mortgage Manager for first direct commented: "We wanted customers to be able to take advantage of the current low base rate and offer the security of knowing that their mortgage rate won't go above 4.99% for the next three years.

"It's great to be able to offer this unique mortgage at the moment with the added benefits of being able to offset."

The new mortgage is part of the first direct Summer Sale which starts today and has some great offers for the month of July only.

The other products available in the sale are:

Product

Offer

Life Insurance

£100 cash back

Loans

£8.9% effective rate with 10% cashback on interest

Travel Money

0% commission and free delivery

firstdirectory

£6 for 3 months

The offset Capped Tracker rate mortgage is only available to new customers.

For further information please contact Amanda Brown on 01132766700 or amanda.brown@firstdirect.com

Go to our new social media newsroom http://www.newsroom.firstdirect.com/ and tag to your areas of interest to receive relevant information as it goes live.

Ends

Notes to Editors

first direct was declared Best Variable Rate Mortgage Provider and Best Current Account and Offset Mortgage Provider in the recent Moneyfacts Awards 2009.

HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 9,500 offices in 86 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$2,527 billion at 31 December 2008, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as 'the world's local bank'.

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first direct has cut rates on over a third* of its mortgage product range, including reducing the rate on its 85% LTV 5 year Fixed rate Limited Edition Fee Free Repayment mortgage by a full 0.5% to 4.49%.  As a result at least 3 can be found in the best buy tables this weekend**: 65% LTV 2 year Limited Edition Offset Tracker...


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Cuts are the order of the day and in a bid to step up competition in the mortgage market and help homeowners, first direct has reduced the rate on five of its popular mortgage products as part of its Summer Offers (please see details below).  The leading direct bank is also simplifying its mortgage range by having one very low £99 fee for all products.


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