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First Direct launches new mortgage Tracker

First Direct has launched one of the most competitive lifetime mortgage Trackers seen in the UK with an initial charge of 2.58%, i.e. 2.08% above base rate. While the setup fee for this particular mortgage arrangement is £999 and requires a 35% deposit there are very few restraints along the way. There are no early repayment charges, which will allow customers to leave the arrangement if rates rise too high and better options are available in the wider marketplace.

For those who are not able or not willing to pay the £999 fee there is similar arrangement available at a cost of £99 although the rate is 2.49% above base, i.e. 2.99% today with UK base rates at 0.5%. Those with a smaller deposit available can also lock in a rate of 2.74% above base for reduced deposits of 25% deposit, something which will prove attractive to many people in the UK. So will the First Direct move prompt further competition in the sector?

While there is no doubt that the UK mortgage market has picked up of late it is difficult to see where any further improvement will come from until the UK property market shows definitive signs of recovery. Once we see the slightest glint of a full recovery in the UK property market this should ignite a massive rush to attract the attention of consumers via competitive rates.

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