first direct reduces arrangement fees on offset mortgages

first direct, part of HSBC, has today cut the arrangement fees on its fixed rate offset mortgages.

first direct fixed rate offset mortgagesOn the 2 and 3 year fixed rate offset mortgages with 75% LTV, the arrangement fee is being reduced from £499 to £199.

On the 2 year fixed rate offset mortgage with 65% LTV, the arrangement fee is going down to £799, from £999.

The booking fee for all these fixed rate offset mortgages is £499.

Head of Mortgages for first direct, Jimmy Kelly, said ‘By cutting our arrangement fees, the lowest fixed rate offset mortgage on the market just got better.’

Hannah-Mercedes Skenfield of moneysupermarket.com, commented ‘This is a welcome move by first direct, which brings its arrangement fee down to a more palatable level.’

But she did add ‘Borrowers need to shop around to make sure they are getting the best deals on both rates and fees.’

The rates on the 75% LTV offset mortgages remain the same:

  • 2 year – 3.94%
  • 3 year – 4.64%

The rate on the 60% 2 year fixed rate offset mortgage is increasing by 0.15% to 3.49%.

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