Unfortunately, this deal is no longer available
First Direct 5 year fixed mortgage - 1.49% - £490 fee - 60% LTV @ First Direct
2677° Expired

First Direct 5 year fixed mortgage - 1.49% - £490 fee - 60% LTV @ First Direct

EDITOR 142
EDITOR
Posted 9th Dec 2019

This deal is expired. Here are some options that might interest you:

Spotted that First Direct have reduced some of their 5 year fixed rates mortgages, which may suit those with a higher level of equity. So a 5 year fix has a rate of 1.49% with 60% LTV and a £490 booking fee (75% LTV is 1.59%). Also their fee saver 5 year fixed has been reduced to 1.64% on a 60% LTV, which may work out better for some who don't want to pay an upfront fee. Eligible customers include if you are remortgaging, moving home, existing mortgage customer or a first time buyer.

With FD mortgages you can make unlimited overpayments without charge. Please note there is an early repayment charge if you repay the whole of your mortgage during the Fixed Rate Period. This charge is calculated at 3% of the original mortgage amount during first year of the Fixed Rate Period and 2% of the original mortgage amount if the mortgage is closed in any subsequent year.




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How to compare mortgages
To calculate the total cost of a mortgage deal. You can do this by adding together the total monthly payments over the fixed period(5 x 12 = 60 payments in this case) then adding any product fee minus any cashback.

LTVs
LTV stands for loan-to-value and is the percentage of the property’s value you want to
borrow. So if a property is worth £100,000 and you need to borrow £60,000, your LTV is 60%; if you need to borrow £90,000, your LTV would be 90%. All other things being equal, the lower your LTV, the better the mortgage rates you’ll be offered.
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Top comments
hitman09/12/2019 12:17

And yet you are on HUKD. You should be partying somewhere on a yacht.


I'd still be chasing the reduced stickers if I won the lottery... sad git that I am!
Excellent, looks like a market leading rate for 60 percent LTV. For those who are unsure on their current LTV it's worth getting a sense of your current provider's valuation of your property and a view on overpayment options to know what it would take to get to 60 percent LTV.
Edited by: "morgie" 9th Dec 2019
deleted7202809/12/2019 11:54

Comment deleted


And yet you are on HUKD.

You should be partying somewhere on a yacht.
142 Comments
Excellent, looks like a market leading rate for 60 percent LTV. For those who are unsure on their current LTV it's worth getting a sense of your current provider's valuation of your property and a view on overpayment options to know what it would take to get to 60 percent LTV.
Edited by: "morgie" 9th Dec 2019
Fantastic deal chichi


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deleted7202809/12/2019 11:54

Comment deleted


And yet you are on HUKD.

You should be partying somewhere on a yacht.
hitman09/12/2019 12:17

And yet you are on HUKD. You should be partying somewhere on a yacht.


I'd still be chasing the reduced stickers if I won the lottery... sad git that I am!
Fantastic deal. Shame I'm stuck for another 19 months at 2.54%.
Tempted by this as an existing customer on a lifetime tracker, presently overpaying and due to have it paid off in around 5 years. Any saving on the rate would be spent on the booking fee and early repayment charge (which our current mortgage does not have) but it would offer complete certainty to the end.
bantamdave3309/12/2019 12:29

Fantastic deal. Shame I'm stuck for another 19 months at 2.54%.


Check if you'd qualify for 60 percent LTV rates and confirm your break out cost. Do the maths off of that to compare using the break out fee as an overpayment at your current rate.
Edited by: "morgie" 9th Dec 2019
bantamdave3309/12/2019 12:29

Fantastic deal. Shame I'm stuck for another 19 months at 2.54%.


worth checking the fees for breaking out vrs what you might save?

rough and ready calculator here: moneysavingexpert.com/mor…or/
Edited by: "chitychatty" 9th Dec 2019
morgie09/12/2019 13:05

Check if you'd qualify for 60 percent LTV rates and confirm your break out …Check if you'd qualify for 60 percent LTV rates and confirm your break out cost. Do the maths off of that to compare using the break out fee as an overpayment at your current rate.


Yeah I'm 38% LTV and having checked MSE 'ditch the fix' tool, I need a rate of 1.28
% assuming no fees. I'm gonna hold in reflection on my current 2.54%, as I'm confident that they will not be any major changes within the mortgage market and thus apply for this or similar product in around 14 months.


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Edited by: "bantamdave33" 9th Dec 2019
bantamdave3309/12/2019 13:10

Yeah I'm 38% LTV and having checked MSE 'ditch the fix' tool, I need a …Yeah I'm 38% LTV and having checked MSE 'ditch the fix' tool, I need a rate of 1.29% assuming no fees. I'm gonna hold in reflection on my current 2.54%, as I'm confident that they will not be any major changes within the mortgage market and thus apply for this or similar product in around 14 months.


great minds
Damn it! I applied for the Santander 1.49% 5 Yr fix with £999 fee about a month ago. Currently with their Solicitors and fix on existing mortgage ends 31st Dec so had to take the plunge at some point. Heat added though :-)
Edited by: "GmanHUKD" 9th Dec 2019
Im on a fixed 5year with first direct, still 2 years to go. Would i have to pay early repayment charge if i switched to cheaper mortgage now?
You still have to pay legal fees though don't forget. Whereas, Santander, even though it has a higher rate at 1.74%, it has no fees and conveyancing is included.
Hi, my Halifax mortgage ends on 31st Jan and I was looking at this deal and the Santander 60% 5 year fix last night. I’m worried about being successful due to affordability as I have reduced my hours in work since taking out the Halifax mortgage and I also have a credit card balance. I think we are on 1.74 just now and the best Halifax can do is 2.59. Does anyone know how First Direct and Santander May compare in terms of strictness? I see that Santander also offer an online exclusive option at a slightly higher rate..1.54 I think on the basis that there will not be the security of advice? Thanks in advance for any help
Edited by: "Bellfamily2019" 9th Dec 2019
bantamdave3309/12/2019 12:29

Fantastic deal. Shame I'm stuck for another 19 months at 2.54%.


This makes me really sad :((
SilkySean09/12/2019 17:06

You still have to pay legal fees though don't forget. Whereas, Santander, …You still have to pay legal fees though don't forget. Whereas, Santander, even though it has a higher rate at 1.74%, it has no fees and conveyancing is included.


Is this definitely the case? Couldnt see any mention of legal fees when looking at the product info. All it states when you start the app is:

Please note - If you are purchasing or completing an Equity Buy In or Equity Buy Out all Legal Costs must be met by you. first direct has specific criteria regarding the
use of solicitors.

Couldn't see any reference to legal fees otherwise?
I have an extension planned on my house - will cost c£100k. Mortgage on current house is fully paid up.....can I apply for this ?
AdamWalkerGX709/12/2019 19:11

I have an extension planned on my house - will cost c£100k. Mortgage on …I have an extension planned on my house - will cost c£100k. Mortgage on current house is fully paid up.....can I apply for this ?


Had no idea extensions cost so much
ran123ran09/12/2019 19:15

Had no idea extensions cost so much


Tell me about it!!!
bantamdave3309/12/2019 13:10

Yeah I'm 38% LTV and having checked MSE 'ditch the fix' tool, I need a …Yeah I'm 38% LTV and having checked MSE 'ditch the fix' tool, I need a rate of 1.28% assuming no fees. I'm gonna hold in reflection on my current 2.54%, as I'm confident that they will not be any major changes within the mortgage market and thus apply for this or similar product in around 14 months.[Image]


I've got 47 months left with HSBC @2.14% and I bank with FD!

Shame. Some great deals to be had right now....luck of the draw as to when you need to remortgage.
GmanHUKD09/12/2019 19:00

Is this definitely the case? Couldnt see any mention of legal fees when …Is this definitely the case? Couldnt see any mention of legal fees when looking at the product info. All it states when you start the app is:Please note - If you are purchasing or completing an Equity Buy In or Equity Buy Out all Legal Costs must be met by you. first direct has specific criteria regarding the use of solicitors.Couldn't see any reference to legal fees otherwise?



Sorry, to clarify, you have to provide your own solicitor/conveyancer, this usually costs around £300 to transfer a mortgage. And it has to be one approved by First Direct. A lot of other banks, Santander, YBS etc etc will arrange their own solicitors and pay for it. And if they don't, they usually give you £300 to £500 cashback. There are some places, like YBS which provide their own solicitors AND give you cashback as well. A much better deal over the 5 year period than a low interest rate. Plus, many of these other deals have no set up fees. Unlike this one. So this is quite a cold deal in reality.

Conveyancing fee
(To your solicitor)

Legal work is required to remove the original lender's interest from the property and register the new lender.

The good news is that most remortgages include a free legal package. The only downside is that the lender will select the solicitor and chances are it is paying the bare minimum so don't expect a high-speed service.


If you're using your remortgage to add/remove a partner to/from the mortgage - perhaps you're borrowing more to pay your ex-partner off - you need to tell your solicitor this.


There's additional work involved and it won't be included in any free legal package, so you need to get a quote from the solicitor. If you don't tell them upfront, it could cause delays later if this doesn't come to light until you're completing.

  • How much? Usually around £300
  • Will I always have to pay this fee? No. Usually your new lender will pay
  • Do I need to pay upfront or can I add it to my mortgage? Pay upfront

Edited by: "SilkySean" 9th Dec 2019
Just took first mortgage but hopefully after 5 years when I remortgage something like this is available
Good one. Skipton Building society is offering 1.44% with £999 fee.
I'm paying near twice this on a 10 year. So much for me playing it safe. Almost makes me hope Corbyn gets in so interest rates shoot up to 15%
bantamdave3309/12/2019 12:29

Fantastic deal. Shame I'm stuck for another 19 months at 2.54%.


I would check your early settlement fees against the potential savings
GmanHUKD09/12/2019 14:10

Damn it! I applied for the Santander 1.49% 5 Yr fix with £999 fee about a …Damn it! I applied for the Santander 1.49% 5 Yr fix with £999 fee about a month ago. Currently with their Solicitors and fix on existing mortgage ends 31st Dec so had to take the plunge at some point. Heat added though :-)


You do get 1% back on santander if you have a 123 lite account with them. So if you max that out at £10 payable on £1000 mortgage per month. The Santander is still cheaper over 5 years.

Just!
Edited by: "ec9wrr" 9th Dec 2019
My current fix with natwest ends february. Can i go for this now without any penalty?
Edited by: "gunner786" 9th Dec 2019
AdamWalkerGX709/12/2019 19:11

I have an extension planned on my house - will cost c£100k. Mortgage on …I have an extension planned on my house - will cost c£100k. Mortgage on current house is fully paid up.....can I apply for this ?


Currently going through this process but we have a small mortgage we're extending. For us its classed as additional borrowing and the rates are quite a bit higher than our current fixed term mortgage. Boo. I'm glad my extension won't cost 100k!
I'm with First Direct for my account, and whilst the service is good, they do like to send A LOT of letters in the post! Feels like a waste of paper sometimes.
S_123_B09/12/2019 22:05

I'm with First Direct for my account, and whilst the service is good, they …I'm with First Direct for my account, and whilst the service is good, they do like to send A LOT of letters in the post! Feels like a waste of paper sometimes.


You can turn them off in your account options and go paperless. I get next to no mail from them.
dannyjones10609/12/2019 22:06

You can turn them off in your account options and go paperless. I get next …You can turn them off in your account options and go paperless. I get next to no mail from them.


I did and it seemed to carry on! I'll try again, cheers
Great deal, have some heat. Would change but mines @+.5% base rate tracker... For life.
best current 2 year fix is 1.19% through brokers (£999 fee) and 1.44% TSB 5 year fix (£1495 fee)
Natwest offering me 1.53% 2 year fixed with £999 product fee
Edited by: "gunner786" 9th Dec 2019
CptSimon09/12/2019 22:11

best current 2 year fix is 1.19% through brokers (£999 fee) and 1.44% TSB …best current 2 year fix is 1.19% through brokers (£999 fee) and 1.44% TSB 5 year fix (£1495 fee)


Where can we get the 1.19%?
Edited by: "gunner786" 9th Dec 2019
gunner78609/12/2019 22:15

Natwest offering me 1.53% 2 year fixed with £999 product fee


Depending on your LTV that seems easily beatable.
ec9wrr09/12/2019 22:16

Depending on your LTV that seems easily beatable.


House worth £330k mortgage amount is £87000
gunner78609/12/2019 21:58

My current fix with natwest ends february. Can i go for this now without …My current fix with natwest ends february. Can i go for this now without any penalty?


You can apply now and then switch when your ERC ends (assuming end feb)
morgie09/12/2019 11:46

Excellent, looks like a market leading rate for 60 percent LTV. For those …Excellent, looks like a market leading rate for 60 percent LTV. For those who are unsure on their current LTV it's worth getting a sense of your current provider's valuation of your property and a view on overpayment options to know what it would take to get to 60 percent LTV.


1.44 Skipton tbf but very close
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