First Direct Offset Mortgage...Good company to deal with or not.

LULULU1

Just been advised that First Direct are doing a very good off set base rate tracker.

Has anybody had any dealing with this company. Is there anything to watch out for with an offset mortgage.

Thanks

shaymenRup

Been with First Direct for a long time. Only recently moved to offset with them though. The process was quick and glitch free, even managed to change mortgages at the exact day the old mortgage switched to the SVR.

I would definately recommend them.

VfM4meplse

FD are the best, but they can be selective in picking their customers.

whu

I have had a fixed offset with them for about a year - so far they have been good - a couple of points to note with a FD offset:
1 You can overpay more than 10% a year (which is the normal amount mortgage companies allow) - infact you can overpay as much as you like each year
2 You can borrow back any overpayments you make as long as you pay it back within the term

maninthestreet

I'm with FD - mortgage, current account and credit card. I can't fault them.

WestonDave

Its a great service and account but you do need to have your wits about you a little bit. By default the account runs as interest only (hence the ability to borrow back and capital payments up to the original limit) so any repayment element has to be determined by you. They will help you calculate it (and have online calculators) but for example if you have it initially set up with payments to clear it over 25 years, they will not automatically adjust this if the interest rate goes up. You would need to recalculate (or get them to do it) the monthly payment and alter the standing order yourself.

In other words with the flexibility goes a responsibility to use that flexibility wisely as they assume you have a brain and don't hold your hand all the time!

LULULU1

Firslty is there any down sides to a First Direct tracker mortgage.

Also I hear so many negative things about One Account. Is this the same as the First Direct and if so why such bad press.

Many thanks

Anon

LULULU1 wrote: »

Firslty is there any down sides to a First Direct tracker mortgage.

Also I hear so many negative things about One Account. Is this the same as the First Direct and if so why such bad press.

Many thanks

From reading on here, it appears One Account receives bad press purely because they have not passed on the rate cuts, which existing customers are annoyed about, and the fact that service levels are not as good since Royal Bank of Scotland took them over (from Virgin previously). It doesn't appear that the bad press is about the type of account (which advocates seem to rave about!) but the above, which is not criticism I have read about FD.

Anon