First Direct launches new tracker mortgages
Tue, 08 Sep 2009
In the wake of HSBC’s new 2 year discount mortgage with a rate of 1.99%, First Direct, a subsidiary of HSBC has announced a new tracker mortgage deal at 2.79%.
The product is available in 2 guises; those with a 40% deposit will achieve the new 2.79% rate, while those with a 20% deposit can look to achieve 2.99%, both very competitive.
Both the HSBC and First Direct tracker products exclude first time buyers.
Many first time buyers are attracted by the current low tracker rates but should be warned that when the base rate starts to move, their mortgage costs could rapidly escalate.
However, with the market largely believing rates will remain static until 2010, the rates still represent a good saving for many home buyers.