<p>Both deals will revert to a competitive standard variable rate of 6.75% and have a maximum loan-to-value of 80%. Other features of the new mortgages include a GBP1,499 arrangement fee for the 5.59% fixed-rate product, and a GBP299 arrangement fee for the 5.99% fixed-rate mortgage. There is also a GBP99 booking fee attached to both products.<br /><br />Over 10% of the bank's customers now have offset mortgages, as they are choosing to make use of the financial benefits of linking day-to-day savings to their current account balances and mortgage.<br /><br />Chris Pilling, First Direct's chief executive, said: It's great to be able to offer our customers such competitively priced mortgages in the current market. Plus, our offset fixed-rate mortgages are unique in their flexibility. Not only can customers move as many times as they like at no extra charge, they can overpay, underpay and redraw funds, without further approval, at a moment's notice and at the same great rate that they originally fixed the mortgage.<br /><br />The bank has also launched an industry first by creating a video podcast to explain the 'offset rule' and how customers can benefit from taking out an offset mortgage. This can be accessed from the bank's website.</p>
