Unfortunately, this deal is no longer valid
First Direct 10 year mortgage fixed at 2.39% No fees and up to 75% LTV
3145° Expired

First Direct 10 year mortgage fixed at 2.39% No fees and up to 75% LTV

328
Refreshed 9th May (Posted 3rd May)
I went for the 10 year fix at 2.49% but haven't completed so have moved to this lower rate of 2.39%

Previously you had to have at least 40% deposit or equity but now this can be had for only 25%

Once I took the fees of others into account this deal was the best for me.

This is a fee Saver mortgage so you pay no valuation, reservation or arrangement fees.

With the current long-term uncertainty for our country because of something we all know is happening I'm very happy to commit to this but you need to make your own decisions and seek professional advice if appropriate.

First Direct allow unlimited overpayments and they provide an easy overpayment calculator. So you could pay an extra £50 per month or any ad-hoc amounts.

You just need to be aware that early redemption penalties apply 3% for first year then 2% thereafter of the FIXED rate period.

If you are lucky to be able to do enough overpayments to risk a penalty the easy way is just lower your repayments to almost nothing until the 10 year ends.

Hope this suits some of you guys.
Community Updates
First Direct Deals

Groups

Top comments
danston03/05/2019 20:30

Heated the deal. Based on recent news stories, it would seem that as far …Heated the deal. Based on recent news stories, it would seem that as far as interest rates go...[Image]


That's what all the scare mongering would have you believe. Personally, I think it's a load of rubbish. There is no way the Govt can let rates increase too much because the country would go into meltdown.....way too many people have got used to very low borrowing rates. If we get anywhere near negative growth or a recession they will just print more money. It's a broken system.

Of course, Brexit gets all the blame but 2008 still hasn't come home to roost yet.....and probably wont for a while yet. Why more bankers and politicians aren't in jail is the real crime.

On a lighter note, if you have the patience, First Direct are good.
Depending on circumstances - that’s a great find.

I don’t care what anyone says - under 2.4% is a great rate to be honest. It can’t go much lower than that obviously , but it can go a hell of a low higher.

With the ability to make unlimited overpayments - (wow amazing) this is a brilliant deal.

E.g. wait 3/5/7 years - your income is likely to increase due to inflation, national living wage, job promotion etc. - but your mortgage payments stay the same. With this deal you can start over paying massively - possibly clearing it years in advance.

Not for me due to locked into a 1.99% deal already, but if your a) in a “forever home” and b) don’t have intentions to move it’s = 10/10.

Voted hot.
deleted129396003/05/2019 19:57

Could do with mentioning it is for a mortgage in the bold print, had me …Could do with mentioning it is for a mortgage in the bold print, had me confused and rereading it 3-4 times to try and make sense of it, as there is no mention of morgage until you open the post fully.


What’s a morgage?

I think it’s pretty obvious, what other financial products use terms like ‘x year fix’ or ‘x fees’ or ‘LTV’? Especially in the same sentence.
Edited by: "b33r" 3rd May
bisoner03/05/2019 21:19

That's what all the scare mongering would have you believe. Personally, I …That's what all the scare mongering would have you believe. Personally, I think it's a load of rubbish. There is no way the Govt can let rates increase too much because the country would go into meltdown.....way too many people have got used to very low borrowing rates. If we get anywhere near negative growth or a recession they will just print more money. It's a broken system.Of course, Brexit gets all the blame but 2008 still hasn't come home to roost yet.....and probably wont for a while yet. Why more bankers and politicians aren't in jail is the real crime. On a lighter note, if you have the patience, First Direct are good.


If I hadn't experienced rates back in the 70's to 90's I would agree, but I did and it teaches you a harsh lesson about thinking things can't happen.
328 Comments
Voted hot, this is great for 10 year deal no fee. Particularly good because you can increase monthly payments with no penalty.
Avatar
deleted1293960
Could do with mentioning it is for a mortgage in the bold print, had me confused and rereading it 3-4 times to try and make sense of it, as there is no mention of morgage until you open the post fully.
Great find
First Direct do offer some good deals but it took them ages and lots of chasing to sort out my mortgage.
bisoner13 m ago

First Direct do offer some good deals but it took them ages and lots of …First Direct do offer some good deals but it took them ages and lots of chasing to sort out my mortgage.


We had similar waiting around last summer .. their explanation was that they were very busy and had a backlog. Given the good rates they offer, I wasn't surprised! They did say that they were taking on more staff over the summer. Despite the wait (12 weeks with no issues our end), I'm very happy with their service and would recommend them if their mortgage is right for you.

(Should also add that I paid a £500 fee)
Edited by: "danston" 3rd May
deleted129396003/05/2019 19:57

Could do with mentioning it is for a mortgage in the bold print, had me …Could do with mentioning it is for a mortgage in the bold print, had me confused and rereading it 3-4 times to try and make sense of it, as there is no mention of morgage until you open the post fully.


What’s a morgage?

I think it’s pretty obvious, what other financial products use terms like ‘x year fix’ or ‘x fees’ or ‘LTV’? Especially in the same sentence.
Edited by: "b33r" 3rd May
Heated the deal. Based on recent news stories, it would seem that as far as interest rates go...


37582079-UWJFA.jpg
Avatar
deleted1293960
b33r15 m ago

What’s a morgage?I think it’s pretty obvious, what other financial pro …What’s a morgage?I think it’s pretty obvious, what other financial products use terms like ‘x year fix’ or ‘x fees’ or ‘LTV’? Especially in the same sentence.



FD do several fixed rate savings plans, including 2,3 & 5 year plans where you pay in a fixed amount and get a preferential interest rate; THAT is what I initially though the headline was about. Splitting "75%" and "LTV" would also make it more readable, and make it easier to understand what it was about, as I mistook the "%L" as a character glitch.
2.39% for 10 years??? ... I remember taking out a mortgage thinking 8.99% for 5 years was an unbelievable deal (n.b. this was 20+ years ago and a few years before that is been on a variable rate mortgage @ 15.5%!)
deshepherd03/05/2019 20:53

2.39% for 10 years??? ... I remember taking out a mortgage thinking 8.99% …2.39% for 10 years??? ... I remember taking out a mortgage thinking 8.99% for 5 years was an unbelievable deal (n.b. this was 20+ years ago and a few years before that is been on a variable rate mortgage @ 15.5%!)


(Pressed send too early!) Anyway, irrelevant for me as my mortgage is now paid off but I'm really concerned for people taking out first mortgages now who think that current interest rates are "normal".
bisoner44 m ago

First Direct do offer some good deals but it took them ages and lots of …First Direct do offer some good deals but it took them ages and lots of chasing to sort out my mortgage.


This is the same with all mortgages, took us months to remortgage with another bank and about 30 phone calls
danston03/05/2019 20:30

Heated the deal. Based on recent news stories, it would seem that as far …Heated the deal. Based on recent news stories, it would seem that as far as interest rates go...[Image]


That's what all the scare mongering would have you believe. Personally, I think it's a load of rubbish. There is no way the Govt can let rates increase too much because the country would go into meltdown.....way too many people have got used to very low borrowing rates. If we get anywhere near negative growth or a recession they will just print more money. It's a broken system.

Of course, Brexit gets all the blame but 2008 still hasn't come home to roost yet.....and probably wont for a while yet. Why more bankers and politicians aren't in jail is the real crime.

On a lighter note, if you have the patience, First Direct are good.
bisoner5 m ago

That's what all the scare mongering would have you believe. Personally, I …That's what all the scare mongering would have you believe. Personally, I think it's a load of rubbish. There is no way the Govt can let rates increase too much because the country would go into meltdown.....way too many people have got used to very low borrowing rates. If we get anywhere near negative growth or a recession they will just print more money. It's a broken system.Of course, Brexit gets all the blame but 2008 still hasn't come home to roost yet.....and probably wont for a while yet. Why more bankers and politicians aren't in jail is the real crime. On a lighter note, if you have the patience, First Direct are good.


exactly the same feelings, country wont be sorted for another 10 plus years they wont or cant increase interest rates sadly for all those borrowers out there, and i also agree that people think these rate are norm although whats classed as norm, 10 years 15 years perhaps this is the new norm.
bisoner03/05/2019 21:19

That's what all the scare mongering would have you believe. Personally, I …That's what all the scare mongering would have you believe. Personally, I think it's a load of rubbish. There is no way the Govt can let rates increase too much because the country would go into meltdown.....way too many people have got used to very low borrowing rates. If we get anywhere near negative growth or a recession they will just print more money. It's a broken system.Of course, Brexit gets all the blame but 2008 still hasn't come home to roost yet.....and probably wont for a while yet. Why more bankers and politicians aren't in jail is the real crime. On a lighter note, if you have the patience, First Direct are good.


If interest rates are still as low as 0.75% in 10 or even 5 years' time, I'll be most surprised (I may even burn my copy of Yazz!). But I'm certainly no expert and given the stupidity of house prices, people need all the ruddy help they can get to get their foot on the ladder.

I do agree with you though that 2008 hasn't really come home to roost yet...
Edited by: "danston" 3rd May
I went for this product a month ago, just waiting for it to kick in on the 1st June.
I wanted the certainty of a of a fixed rate for as long as possible....at the end of 10 years I’ll have kicked the back end of my mortgage out. While I know people are saying that the only way mortgages can go etc is up, I was told that when I took my first mortgage out 10 years ago!
danston41 m ago

..and given the stupidity of house prices...


Possibly the most relevant words for anyone thinking of taking out a mortgage right now..

A good bargain deal for a mortgage all the same!
Depending on circumstances - that’s a great find.

I don’t care what anyone says - under 2.4% is a great rate to be honest. It can’t go much lower than that obviously , but it can go a hell of a low higher.

With the ability to make unlimited overpayments - (wow amazing) this is a brilliant deal.

E.g. wait 3/5/7 years - your income is likely to increase due to inflation, national living wage, job promotion etc. - but your mortgage payments stay the same. With this deal you can start over paying massively - possibly clearing it years in advance.

Not for me due to locked into a 1.99% deal already, but if your a) in a “forever home” and b) don’t have intentions to move it’s = 10/10.

Voted hot.
deleted129396003/05/2019 19:57

Could do with mentioning it is for a mortgage in the bold print, had me …Could do with mentioning it is for a mortgage in the bold print, had me confused and rereading it 3-4 times to try and make sense of it, as there is no mention of morgage until you open the post fully.


Thought I had. Now corrected.
bisoner03/05/2019 21:19

That's what all the scare mongering would have you believe. Personally, I …That's what all the scare mongering would have you believe. Personally, I think it's a load of rubbish. There is no way the Govt can let rates increase too much because the country would go into meltdown.....way too many people have got used to very low borrowing rates. If we get anywhere near negative growth or a recession they will just print more money. It's a broken system.Of course, Brexit gets all the blame but 2008 still hasn't come home to roost yet.....and probably wont for a while yet. Why more bankers and politicians aren't in jail is the real crime. On a lighter note, if you have the patience, First Direct are good.


If I hadn't experienced rates back in the 70's to 90's I would agree, but I did and it teaches you a harsh lesson about thinking things can't happen.
Took one a few months ago at 2.49%. Very efficient, all done in a couple of weeks. Great service as usual!
Edited by: "Phildouf" 4th May
Early redemption penalties are much less likely to affect someone repaying the mortgage too early by overpayment (as you say you can have a nominal payment amount for the final months), however where they do create a significant issue is upon sale of the property. If you intend to move house any time in the next 10 years, bear in mind that you will be redeeming the mortgage in full and starting a brand new one. You'll be hit with a 2% charge on any outstanding amount at that time. For me that meant about £5k for a previous house move and it's definitely something to factor in. I ended up feeling pressurised into buying another house within 3 months (my previous lender's time limit) so as not to lose out, and it ended up being the wrong house for us and I ended up having to buy again!) They may well also allow you (as mine did) to avoid these fees by taking a new mortgage of identical duration, rate and terms for your new property, but that depends on the small print, and there's usually a pretty narrow time limit. If you're selling and not buying another property then there is definitely no way of avoiding the fee.
Edited by: "pizzapasta118" 4th May
bisoner03/05/2019 21:19

That's what all the scare mongering would have you believe. Personally, I …That's what all the scare mongering would have you believe. Personally, I think it's a load of rubbish. There is no way the Govt can let rates increase too much because the country would go into meltdown.....way too many people have got used to very low borrowing rates. If we get anywhere near negative growth or a recession they will just print more money. It's a broken system.Of course, Brexit gets all the blame but 2008 still hasn't come home to roost yet.....and probably wont for a while yet. Why more bankers and politicians aren't in jail is the real crime. On a lighter note, if you have the patience, First Direct are good.


I agree with your second half but not the first, you answer yourself as to why. We could definitely be well back up to ~4% within a decade and that would likely be a hell of a shock for a lot of younger people who perhaps haven't properly seen quite how much living can cost, beyond buying the latest top spec iPhone...

The historical graph is quite interesting. propertyinvestmentproject.co.uk/pro…ph/
Flappybunnyman8 h, 28 m ago

Depending on circumstances - that’s a great find.I don’t care what anyone s …Depending on circumstances - that’s a great find.I don’t care what anyone says - under 2.4% is a great rate to be honest. It can’t go much lower than that obviously , but it can go a hell of a low higher.With the ability to make unlimited overpayments - (wow amazing) this is a brilliant deal.E.g. wait 3/5/7 years - your income is likely to increase due to inflation, national living wage, job promotion etc. - but your mortgage payments stay the same. With this deal you can start over paying massively - possibly clearing it years in advance.Not for me due to locked into a 1.99% deal already, but if your a) in a “forever home” and b) don’t have intentions to move it’s = 10/10.Voted hot.


Can’t argue with most of what you said there. Worth noting though that this is a portable mortgage so it doesn’t have to be your forever home
Saves the cost of remortgaging every 2-3 yrs, I like it
KingBurger04/05/2019 07:28

I agree with your second half but not the first, you answer yourself as to …I agree with your second half but not the first, you answer yourself as to why. We could definitely be well back up to ~4% within a decade and that would likely be a hell of a shock for a lot of younger people who perhaps haven't properly seen quite how much living can cost, beyond buying the latest top spec iPhone... The historical graph is quite interesting. https://www.propertyinvestmentproject.co.uk/property-statistics/uk-interest-rate-history-graph/


Not sure I agree with much of it at all 😜

The country was recovering after the last recession but I guess we weren’t fully over it. We were doing “ok”. Now with BREXIT-FARCE looming it’s kicked the economy in the jewels and sent us backwards. Taxes will have to go up - that’s a given. Money has been lost, wasted, spent on this fiasco and the taxpayer is ultimately going to have to pay for it.

This won’t necessarily mean a borrowing rate rise as it depends upon inflation - but its not impossible see mortgage rates having to climb even while we are in a declining economy. Not wanting to be the harbinger of doom but the next 10 years are going to be a big challenge / test for the country as a whole. This fixed deal is a very tempting proposition when you take all that lot into account.

TLDR - heat from me; a worthwhile consideration for anyone wanting to avoid the high risk of interest rate rises.
deleted129396003/05/2019 19:57

Could do with mentioning it is for a mortgage in the bold print, had me …Could do with mentioning it is for a mortgage in the bold print, had me confused and rereading it 3-4 times to try and make sense of it, as there is no mention of morgage until you open the post fully.


It mentions LTV - surely you would realise it's a mortgage?
bisoner11 h, 13 m ago

That's what all the scare mongering would have you believe. Personally, I …That's what all the scare mongering would have you believe. Personally, I think it's a load of rubbish. There is no way the Govt can let rates increase too much because the country would go into meltdown.....way too many people have got used to very low borrowing rates. If we get anywhere near negative growth or a recession they will just print more money. It's a broken system.Of course, Brexit gets all the blame but 2008 still hasn't come home to roost yet.....and probably wont for a while yet. Why more bankers and politicians aren't in jail is the real crime. On a lighter note, if you have the patience, First Direct are good.


Spot on. The entire monetary system is utterly unfit for purpose. Due to the short term approach to economic policy caused by the 4/5 year election cycles, the can of pain which should have been dealt with in 2008 was just kicked down the road.

But they can only pump hot air into a broken balloon for so long before it comes crashing back to earth.

You can't print the amount of money QE has generated without it going somewhere. And hence we now see global house price bubbles, stock market bubbles, bond market bubbles....

It's a pressure cooker getting ever closer to exploding.

And what will they do when all the bad debt comes home to roost this time? Can't lower interest rates any further. If history tells us anything we'll be looking at asset forfeiture and a huge swing to socialist wealth grabs.
Edited by: "ScoobyStoo" 4th May
deshepherd03/05/2019 20:55

(Pressed send too early!) Anyway, irrelevant for me as my mortgage is now …(Pressed send too early!) Anyway, irrelevant for me as my mortgage is now paid off but I'm really concerned for people taking out first mortgages now who think that current interest rates are "normal".


Well they have been normal for the past decade now and banks obviously do not anticipate significant rises otherwise these low % rate 10 year fixed deals would not exist...
Avatar
deleted1293960
Faisal211004/05/2019 08:18

It mentions LTV - surely you would realise it's a mortgage?


Did you not read my 2nd post, suggesting a space? %L looks like a character glitch you sometimes get when someone is using a non-English language keyboard.
Avatar
deleted1293960
benlondon20 m ago

Well they have been normal for the past decade now and banks obviously do …Well they have been normal for the past decade now and banks obviously do not anticipate significant rises otherwise these low % rate 10 year fixed deals would not exist...



Hmm, just look at how many banks got bailed out after offering interest only mortages; on the basis house prices would keep rising forever.
It so low now, that it makes my deal from a few years back seem poor.
Currently on year 3, nearly 4 of a 2.44% 5 yr fix no fees.
Same bank offering 2.09% five year no fee - actually worth paying my 2% ERC and making a switch.
Thanks OP, for making me check mine!
Hi. I am really very naive with this but can some one explain if this can be used for first time buyer. I got the idea from OP that this may not be for first time buyer. Any help will be highly appreciated
Jiwani803 m ago

Hi. I am really very naive with this but can some one explain if this can …Hi. I am really very naive with this but can some one explain if this can be used for first time buyer. I got the idea from OP that this may not be for first time buyer. Any help will be highly appreciated


All rates should be available to first time buyers, it’s usually the other way around where if you’re not a first time buyer then not all rates are available (because some are only for first time buyers)
Can someone explain that last paragraph to me. Lower your repayments to almost nothing. Why would they let you do that?
thanks.. will look into this
Jiwani8004/05/2019 09:57

Hi. I am really very naive with this but can some one explain if this can …Hi. I am really very naive with this but can some one explain if this can be used for first time buyer. I got the idea from OP that this may not be for first time buyer. Any help will be highly appreciated


Sorry if you know this already, but this available only if you are using the mortgage to borrow 75% or less of the value of the property. As you are a first time buyer, you will need a 25% deposit to get this deal.
deleted129396004/05/2019 09:17

Did you not read my 2nd post, suggesting a space? %L looks like a …Did you not read my 2nd post, suggesting a space? %L looks like a character glitch you sometimes get when someone is using a non-English language keyboard.


No, sorry I didn't. Your first post was enough for me to ignore the rest. There were plenty of other clues in the post to make it obvious it was a mortgage (notice the 't') deal. Don't just comment for the sake of commenting.
Edited by: "Faisal2110" 4th May
danston03/05/2019 20:30

Heated the deal. Based on recent news stories, it would seem that as far …Heated the deal. Based on recent news stories, it would seem that as far as interest rates go...[Image]





If anyone thinks base rates can't go negative in the debt ridden world our Govt's (and BofE) have continually endorsed, then they need a reality check.

We live in a worldwide ponzi scheme of an ever-increasing debt bubble that will forever be inflated through QE or whatever you want to call it. The pain should have been taken in 2008/2009.

People living in this era should be very mindful of 'bail-ins' and asset confiscation... I don't mean they should panic....just that they should be aware of the possibility - it wouldn't be a precedent
Edited by: "BritishDragon" 4th May
Avatar
deleted1293960
Showing your ignorance then, the OP agreed enough to go change the headline following both my suggestions.

So..

Don't just comment for the sake of commenting.
danston04/05/2019 10:07

Sorry if you know this already, but this available only if you are using …Sorry if you know this already, but this available only if you are using the mortgage to borrow 75% or less of the value of the property. As you are a first time buyer, you will need a 25% deposit to get this deal.


Yeah just calculated and that's possible
Post a comment
Avatar
@
    Text