2
Dec
UK's lowest lifetime tracker mortgage launched by first direct
British borrowers could take advantage of one of the few lifetime
tracker mortgages to drop below three per cent.
Available at a maximum loan-to-value (LTV) of 65 per cent, the
product from first direct tracks at 2.08 per cent, slightly above
the Bank of England base rate set at 2.58 per cent at the end of
2009.
Launched on December 1st, it is the lowest lifetime tracker
mortgage on the market.
According to the lender, the low-interest environment is the best
time for borrowers to take out a debt-reduction offset
mortgage.
Jimmy Kelly, head of mortgages at first direct, said: "The
flexibility of the first direct offset tracker, plus the fact that
you can keep all your money in separate accounts, makes it easier
to keep on top of your finances and reduce your debt more
quickly."
At the beginning of December the Co-operative Bank released data,
indicating that an increasing number of its customers are making
overpayments on their mortgages in a bid to take advantage of the
low Bank of England rates.
