first direct has shaken up the tracker mortgage market with a cracking new deal that is sure to attract big business.
The New Variable Rate tracker offers a rate of 2.19 % for two years (Bank Base rate + 1.69%), a maximum loan-to-value of 65% and a low fee of £99.
For borrowers who do have the 35% equity/deposit required this is bound to be of interest as the only other rate available within this sector of the market is priced at 0.60% higher and the fee is some £900 more expensive compared to this deal's £99.
Added to the fact that this deal comes with free legal fees for those remortgaging and has no penalty for early redemption, it is sure to attract many.
Five out of five Moneyfacts stars have been awarded.
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