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First Direct - 1.59% 5 Year Fixed 75% LTV Repayment Mortgage (+£490 fee)
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First Direct - 1.59% 5 Year Fixed 75% LTV Repayment Mortgage (+£490 fee)

114
Posted 16th May
A great 5 year fix from FD @ just 1.59% with those on a 75% LTV or better. No exit fees plus porting allowed and unlimited overpayments. Link takes you straight to the mortgage details page where you find details to apply online or via phone. First Direct also are the easiest lender to apply with imo.

Deal is currently simply the best 5 year fix available for 75% LTV, beating the likes of Santander, HSBC, Natwest etc. No exit fees and unlimited overpayments being allowed are huge bonuses IMHO, depending on personal circumstances of course


Hope it helps someone






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Max LTV 75%:Fixed for 5 years
Initial rate
1.59%
then 3.54% (variable)
Monthly repayments
£849
Scheme fees
£490
Annual cost
£10,283
Fees and charges
Booking fee£490
Arrangement fee£0
Valuation fee£0
Other fees£0
Cashback£0
Flexibility
Overpayments allowed?Unlimited
Early Repayment Charge:3% reducing to 2% for 5 years
Other info
Exit fee£0
Basic legalsPayable
Representative example A mortgage of £210,000 payable over 25 years, initially on a fixed rate for 5 years at 1.59% and then on a variable rate of 3.54% for the remaining 20 years would require 60 payments of £848 and 240 payments of £1,015. The total amount payable would be £294,970 made up of the loan amount plus interest (£84,480) and fees (£490). The overall cost for comparison is 2.7% APRC representative.
Max LTV 75% Early Repayment Charges apply
Overall cost for comparison 2.7% APRC
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Top comments
AngelFromHeathen16/05/2020 23:42

I think in a couple of years rates could be negative and mortgages could …I think in a couple of years rates could be negative and mortgages could be offered at 0% or less, we will see


I also think there will be pink fluffy unicorns dancing on rainbows...we will see
Our 5 years fixed 2.99% with hsbc will expire in 04/2021. Seeing these very low rates and ppl complaining is shocking to me
By that time I’m expecting 65-70% LTV after revaluation. I know that ppl keep saying house prices will lower but lower compare to last year only, which should be already much higher than year 2016’s. So, ppl who bought their houses few years back have nothing to worry about house prices. And, anyway I don’t believe in low house prices..I reckon by next year prices will go even higher to supersede low class ppl and feed the rich with more rent
114 Comments
No exit fee as they charge you £500 to put your signature to their A4 mortgage agreement document at the beginning.
Edited by: "colombo" 16th May
I have got 1.44% with halifax 5 yr. 75LTV
DD516/05/2020 12:11

I have got 1.44% with halifax 5 yr. 75LTV


How? Which broker as its not directly available.
Edited by: "FrozenFire" 16th May
DD516/05/2020 12:11

I have got 1.44% with halifax 5 yr. 75LTV


How did you get this please?
FrozenFire16/05/2020 12:13

How? Which broker as its not directly available.


That’s the 60% LTV product
donny126616/05/2020 12:42

That’s the 60% LTV product


Thanks he clearly quoted 75% and now disappeared
Edited by: "FrozenFire" 16th May
DD516/05/2020 12:11

I have got 1.44% with halifax 5 yr. 75LTV


Any fees? What abt repayment and other penalty?
colombo16/05/2020 11:57

No exit fee as they charge you £500 to put your signature to their A4 …No exit fee as they charge you £500 to put your signature to their A4 mortgage agreement document at the beginning.


What does it mean? I dont understand.
FrozenFire16/05/2020 12:55

Thanks he clearly quoted 75% and now disappeared


That was the 60% product but they’ve suspended it for now. There are a couple of better options for low loan sizes but this one is good if you have a decent size mortgage.
FrozenFire16/05/2020 12:13

How? Which broker as its not directly available.


Irrelevant comment as completely different products for a much lower LTV my friend
colombo16/05/2020 11:57

No exit fee as they charge you £500 to put your signature to their A4 …No exit fee as they charge you £500 to put your signature to their A4 mortgage agreement document at the beginning.


As stated at the outset there is a £490 fee but no exit fees unlike Santander eg who charge £225, there is also unlimited overpayments unlike the 10% annual cap placed by other lenders. I've done all the calculations and I couldn't find any 75% LTV product that can beat currently beat this but please do correct me if I'm wrong and help us all out. Sure we'll all be grateful to you, cheers
I'm hoping to get this when I remortgage in July but I've just recently been furloughed, I hope it doesn't negatively effect it too much.
Looks like an excellent deal in comparison to others in the same ball park. 👌🏽
HapyDapyDoo16/05/2020 15:18

As stated at the outset there is a £490 fee but no exit fees unlike …As stated at the outset there is a £490 fee but no exit fees unlike Santander eg who charge £225, there is also unlimited overpayments unlike the 10% annual cap placed by other lenders. I've done all the calculations and I couldn't find any 75% LTV product that can beat currently beat this but please do correct me if I'm wrong and help us all out. Sure we'll all be grateful to you, cheers


I agree. Best deal for high LTV and first time buyers
Our 5 years fixed 2.99% with hsbc will expire in 04/2021. Seeing these very low rates and ppl complaining is shocking to me
By that time I’m expecting 65-70% LTV after revaluation. I know that ppl keep saying house prices will lower but lower compare to last year only, which should be already much higher than year 2016’s. So, ppl who bought their houses few years back have nothing to worry about house prices. And, anyway I don’t believe in low house prices..I reckon by next year prices will go even higher to supersede low class ppl and feed the rich with more rent
salahwrexham16/05/2020 12:19

How did you get this please?


I have used broker & sorry forgot to mention £1499 fee.
ab71316/05/2020 12:56

Any fees? What abt repayment and other penalty?


I have used broker & sorry forgot to mention £1499 fee.
donny126616/05/2020 12:59

That was the 60% product but they’ve suspended it for now. There are a c …That was the 60% product but they’ve suspended it for now. There are a couple of better options for low loan sizes but this one is good if you have a decent size mortgage.


No.. its 75% LTV. Only catch is £1499 fee. (Via the broker)
So many good deals but my rubbish 5 year fixed with skipton isn’t up until September 2021.
Will always say just speak to a broker. Most of them are free and will do cost of credit, rate isn’t everything and they normally get exclusive rates
MrFlux00116/05/2020 22:21

So many good deals but my rubbish 5 year fixed with skipton isn’t up until …So many good deals but my rubbish 5 year fixed with skipton isn’t up until September 2021.


mine is 3.49% fixed until 2022 😳 :/
Signed up for this in late January. Just about to complete in a few weeks. Had a bit of a shaky start service wise but has gone smoothly after that. For the rate, no complaints!
Genuine question out of interest (no pun intended) - how are broker rates better? Surely the bank has to pay them a commission?
indywooda16/05/2020 22:38

Genuine question out of interest (no pun intended) - how are broker rates …Genuine question out of interest (no pun intended) - how are broker rates better? Surely the bank has to pay them a commission?



They aren't always. I tried L&C and an online broker to compare before going for this. They offered higher rates with no fee. That may work for lower LTVs but it didn't for mine (69% remaining).
indywooda16/05/2020 22:38

Genuine question out of interest (no pun intended) - how are broker rates …Genuine question out of interest (no pun intended) - how are broker rates better? Surely the bank has to pay them a commission?


I have worked in the mortgage industry for a while and I know that brokers bring a lot of business (excess of 70%) to lenders and they also do pre-application checks. So lenders give special rates and also a little commission. It's a win-win for all.
does anyone know if you can just make first direct overpayments directly into the mortgage account, or do you need to ring them up? I always forget my telephone security details, lol
Sunny_R16/05/2020 22:30

mine is 3.49% fixed until 2022 😳 mine is 3.49% fixed until 2022 😳 :/


I feel your pain
DD516/05/2020 22:14

I have used broker & sorry forgot to mention £1499 fee.


"Forgot to mention the £1499 fee."
MrFlux00116/05/2020 22:21

So many good deals but my rubbish 5 year fixed with skipton isn’t up until …So many good deals but my rubbish 5 year fixed with skipton isn’t up until September 2021.


Can't envisage much change in rates by then tbh mate but who knows what tomorrow will bring with this pandemic and the likelihood of the worst recession since the 1920s 😔
Maleficent16/05/2020 22:41

They aren't always. I tried L&C and an online broker to compare before …They aren't always. I tried L&C and an online broker to compare before going for this. They offered higher rates with no fee. That may work for lower LTVs but it didn't for mine (69% remaining).


I compared with London and Country on this and a previous mortgage and they couldn't beat the rates so I'd always suggest do as much of your own research as possible and then contact a broker to see what they come up with in comparison. The days of brokers always having cheaper exclusive deals than those availible directly from lenders are long gone.
Sunny_R16/05/2020 22:30

mine is 3.49% fixed until 2022 😳 mine is 3.49% fixed until 2022 😳 :/


What's the ltv on this mate and when did you take out?
AngelFromHeathen16/05/2020 23:00

does anyone know if you can just make first direct overpayments directly …does anyone know if you can just make first direct overpayments directly into the mortgage account, or do you need to ring them up? I always forget my telephone security details, lol


Hi, I have a mortgage with them. I just amend my direct debit amount every month from my bank account if I want to pay a bit more off it. I don't back with first direct either. If you want to call them directly, you shouldn't need your security details if you are paying into it. For example if you wanted to pay a lump sum, all you need is your debit card details. They might ask you some ID questions to make sure its your mortgage you are paying into, but that's prob all, and the mortgage department doesn't work at the weekends
I think in a couple of years rates could be negative and mortgages could be offered at 0% or less, we will see
martinw22216/05/2020 23:42

Hi, I have a mortgage with them. I just amend my direct debit amount every …Hi, I have a mortgage with them. I just amend my direct debit amount every month from my bank account if I want to pay a bit more off it. I don't back with first direct either. If you want to call them directly, you shouldn't need your security details if you are paying into it. For example if you wanted to pay a lump sum, all you need is your debit card details. They might ask you some ID questions to make sure its your mortgage you are paying into, but that's prob all, and the mortgage department doesn't work at the weekends


thanks, I have a 1.84% 5 year with them which I took out a couple of years back, with the situation as it is I'll be chucking excess cash at the mortgage as savings rates are terrible. Honestly I think in 6 months time this rate 1.59% will seem high, I dont think it's a great deal.
Edited by: "AngelFromHeathen" 16th May
AngelFromHeathen16/05/2020 23:42

I think in a couple of years rates could be negative and mortgages could …I think in a couple of years rates could be negative and mortgages could be offered at 0% or less, we will see


I also think there will be pink fluffy unicorns dancing on rainbows...we will see
Stoute8016/05/2020 23:46

I also think there will be pink fluffy unicorns dancing on rainbows...we …I also think there will be pink fluffy unicorns dancing on rainbows...we will see


Why is that then, it's a real scenario being debated amongst leading economists right now

e.g. google.com/amp…es/ first Google result in Ken Rogoff
Edited by: "AngelFromHeathen" 16th May
Hey I would love it as much as the next person with a £200k mortgage round my neck. Debate and reality however are two entirely different things
Stoute8016/05/2020 23:49

Hey I would love it as much as the next person with a £200k mortgage round …Hey I would love it as much as the next person with a £200k mortgage round my neck. Debate and reality however are two entirely different things


there is a real credibility gap in terms of public and private debt levels and sustainability... the solution is one of three scenarios:

1) inflate away the debt (direct monetization of qe expenditure)
2) haircuts through selective defaults
3) negative interst rates and deflation

If you look at real interst rates (the difference between the rate of interest paid on non-risky debt minus inflation) it's at record lows of minus 1.75% or something like that, already pointing to negative interest rates in we get a deflationary effect from covid, we shall see but it's certainly not "pink fluffy unicorns" territory.
AngelFromHeathen16/05/2020 23:46

thanks, I have a 1.84% 5 year with them which I took out a couple of years …thanks, I have a 1.84% 5 year with them which I took out a couple of years back, with the situation as it is I'll be chucking excess cash at the mortgage as savings rates are terrible. Honestly I think in 6 months time this rate 1.59% will seem high, I dont think it's a great deal.


Swap rates were already low before Covid so not much to drop. Banks are rightly worried about their earnings, bad loans and many have withdrawn products as a competitive market would also drives down rates. I wouldn't be so certain as you are using just the base rate as a guide. Fixed rates could just as easily edge up as banks factor in risk and less competition. My advice, don't guess the economy, if you think this is a good deal for you right now, take it.
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