First Direct 4.19% Fixed for 3 years Offset Mortgage

Eager_Saver

Morning all,

Offer on a house got accepted yesterday, we have a mortgage in principle with Abbey (4.35% fixed for 3 years) found through a broker.

However I noticed the 4.19% from First Direct, fixed for the same period, but offset and wondered if anybody had any experience with them?

The deal is only available direct, that's why the broker didn't see it.

Thanks for your feedback.

payless

First direct have been competitive for a while - this may have an effect on service , also criteria may be tighter than some other lenders.

The deal is only available direct, that's why the broker didn't see it.

A good broker will be aware of all the deals around- direct as well.

IMO a good broker would also offer a service to include them in their research.. although that may come with other issues ( maybe would have to charge a fee?)

Eager_Saver

thanks for the reply payless

Spangled

I've never had a mortgage with FD but general consensus on this board is very positive, in terms of customer service and the deals they offer. The offset feature is an added bonus and especially useful if you have a lot of money going in/out of your account each month and/or are self-employed (saving up money for tax bills etc). But you do need to be disciplined with the offset feature and try to resist dipping into the offset fund.

I have a decent lifetime tracker with HSBC (BoEBR + 0.99%) but wished I had a lifetime tracker with FD, mainly for the offset facility.

getmore4less

These FD FIxed offsets drop back to the SVR which is 3.69% (base+3.19 but does it track?)

I think the tracker offsets are a better deal.

Could be as low as base+1.89%(£999fee) if you have 65%ltv needed for the fix.

How big is the loan the fee free option may be better if it is small.