Tuesday 12 September 2017
It's a mortgage war, but not as you know it: First Direct slashes fees but HIKES rates - so are the new deals better or worse?
First Direct has slashed its mortgage fees following pressure from customers, but has also hiked rates by up to 0.2 per cent to compensate.
The lender has typically offered the cheapest rates in the market but to squeeze a bit more profit from deals, product fees have been at the higher end of the scale - tipping £1,450.
Now, after customers complained about the expensive fees, the lender has launched a range of slightly higher rate, lower fee deals as well as a selection of fee-free options.
'There’ll be some rate changes to accommodate this, but it will help provide an even more attractive proposition to customers looking to remortgage or purchase their first home.'
4 year lawful development rule could end in April 2023
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