Comparing remortgage deals: Nationwide vs First Direct

I,_Brian

This looks interesting:
http://www.financemarkets.co.uk/2008/08/19/first-direct-launches-offset-base-rate-tracker/

First Direct, part of the HSBC group, has launched a fee-free offset base rate tracker mortgage.
Interest remains at 0.99% above base rate for the term of the mortgage (currently 5.99%) and the lender promises an immediate rate change, following a Bank of England announcement.
The loan is only available to remortgagers and is linked to a borrower’s savings and current account balances.

No fees, either.

It looks quite attractive, but I'm almost tempted to think too attractive. Is that just me being cynical??

I'm looking to remortgage for October and was already looking at the 5.74% exclusive Nationwide mortgage
http://www.nationwide.co.uk/mortgage/default.htm

but it does have a limit on overpayments.

The First Direct doesn't appear to have any limits on overpayments:
http://www.firstdirect.com/mortgages/offset-base-rate-tracker.shtml

Testing out the repayments in a spreadsheet, it looks like you get your fees back with the Nationwide tracker within 2 years.

However, I guess I'm going to have to estimate my overpayments in total and see how that works out - I can pay up to £1500 with NAtionwide, but with First Direct I'd be able to put away £2000 a month.

Hm...

Point of this thread - anyone have any experience of First Direct that would recommend against them?

_Andy_

It's basically an offset version of the HSBC BBR+0.99. General experience of FD appears to be positive albeit sometimes slow timescales in terms of setting things up.

And yes you are being too cynical