The minimum loan size of the new mortgage is GBP15,000, while the maximum is GBP300,000. The new mortgage provides a flexibility to make unlimited overpayments in either lump sums or regular payments.
Chris Pilling, CEO of First Direct, said: We were delighted to be the only bank to immediately pass on the full base rate cut to our new and existing customers. We’re now offering a market-leading fixed rate as well. Our offset mortgages are unique in their flexibility. Not only can customers move home as many times as they like with no mortgage transfer fee to pay, they can also overpay, underpay and redraw funds without further approval at a moment’s notice – at the same great rate that they originally fixed the mortgage.
