First direct has launched a market leading offset tracker mortgage which tracks the Bank of England base rate plus 2.48 per cent for the life of the loan.
The mortgage is currently priced at 2.98 per cent (3.2 per cent APR) and, unlike any other tracker currently available, the mortgage rate offers customers the security of being capped at 4.99 per cent until 2012.
The new mortgage has a maximum loan to value of 75 per cent 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 per cent 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 offset Capped Tracker rate mortgage is only available to new customers.
Date: 1st, July, 2009
Author: Ben Wilkie
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