First Direct Customers Possible Free £100.

MSE_Martin

A substantial proportion, but not all, existing First Direct product holders have been offered its "if you're not better off by transferring your mortgage to us we'll give you £100" challenge. Actually its mortgage isn't so hot. Many MoneySavers should have better. If you've a flexible mortgage with a standard variable rate less than 1% above base rate you should win.

Do remember this is not open to everyone. You must have received the challenge to take part - yet many First Direct customers will have received this mailing (and following a past Free £25 loophole many MoneySavers should be First Direct customers).

Now many mortgages are different, but the following banks all have some flexible/offset mortgages which beat First Direct's 5.75% rate. Some may miss the terms and conditions, but if you have one of these and the rate is below 5.75% why not give it a go - the number to call is 08456 100 103

It will also take into account your savings etc for offsetting purposes, however i know people who've already won the £100 and they said "if you're a winner" it doesn't take too long.

Abbey
Bristol & West
Britannia
C&G
Clydesdale Bank
Egg
Lloyds TSB Scotland
Melton Mowbry
Northern Bank
Northern Rock
Norwich & Peterborough
Royal Bank of Scotland
Universal
West Bromwich
Yorkshire Bank
Yorkshire Building Society

Please report your feedback and what mortgage you won on.

loafer_2

I've not had the offer but my mortgage kicks theirs into touch (gotta get the rugby puns in this week) in the short term - I wonder if they would believe I had 5 years left Where is the offer advertised? Does it have a code?

gritts

I've already called on this one. My flexible mortgage has a discount of 1.73% off the banks SVR with zero tie ins.

This means my current discounted rate is considerably under the 5.75%. First Direct say that as my current bank SVR is well over 5.75% then I do not qualify. They judge it on the other lenders SVR.

No buts.

rde

This doesn't work.

I have a two year rate of 0.09% above base with the Nationwide which knocks spots off the FD rate. I got put through during a call to FD regarding another matter.

The argument given to me was that after the two years are up I would revert to the Nationwide's SVR which would mean that over the term of the mortgage I would pay less with their offset mortgage. The fact that this is the second two year deal I have with the Nationwide, so I needn't revert to the SVR at all, didn't wash with them.

So unless your auntie is a polish Quaker who in a previous life was an astronaut in the film Apollo 13, then you can forget trying to get the dosh.

MSE_Martin

Just to confirm. This is do-able and has been done. All the lenders above have some mortgages with Standard Varibale Rates on flexibles below the 5.75%

Martin

JayS_3

I'm very confused now.

L&C have offered me a First Direct Offset Mortgage as their best product which allows offsetting, unlimited overpayments and a low set-up of under £300. There is no penalty or tie-ins, so I could leap whenever I want.

The product is only through L&C, it tracks BOEBR and presently would give me 4.99% for first 18 months, then 5.5% for next 18 months, then reverting to SVR.

I thought this was a good rate and product, but everyone here suggests there are better products available - where, how much etc etc.
HELP! Please.

strange

I'm not sure why Intelligent Finance is listed, as its SVR is 5.95%. Seems from the earlier posts that they don't include discounted periods?

Anyway I considered moving my offset stuff a while ago but FD only offer mortgages up to 2.5 times combined salaries. IF offer up to 4 times combined salary.

Strange

Joannaclaire

Abbey do a flexible offset tracker which is base plus .5% for life (so currently 5.25%), no tie ins. But you do need a good sized deposit.

Does the first direct offer only apply with SVR rather than trackers?

loafer_2

I just spoke to them, they are really nice about it all but they only judge over the whole term of your current package, so in short discount surfers with over 5-6 year terms need not bother calling.

MSE_Martin

Hiya - yes sorry about IF. I was pulling off SVRs off a list as I typed.

As for Jay S. Don't let this worry you. THis is about SVR comparisons, you're being offered a discount product at a good rate. It's a separate issue.

Martin

Fit_Like

Hiya

Just a BIG THANK YOU from me.

I have an A&L mortgage, 0.95% above the base rate, just called, and it beats the FD one, then I was advised that I had to "qualify" for the mortgage, this is where I though mmmmm, but yes I do qualify and as they can't beat my current mortgage!

£100.00 nice crisy ones will be deposited into my FD account within 28 days

THANK YOU THANK YOU THANK YOU!