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Two more base rate trackers for first direct
5 December 2008 16:00
First direct has launched two new mortgage products in response to this week's Bank of England interest rate cut.
Following the bank's decision to chop one per cent off the lending rate, first direct has introduced the Offset Base Rate Tracker Mortgage and the Life Tracker Mortgage.
The former offers a rate of 3.6 per cent APR with a £599 fee, while the latter boasts an interest level of 3.8 per cent APR with a price of £399.
Matt Colebrook, chief executive of first direct, commented that the lender had constantly offered good value mortgages throughout the whole of this year, and the two new deals were the latest in this trend.
He added that the lender would also be passing on the full base rate cut of one per cent from January 2nd next year, which Mr Colebrook claimed would make first direct's standard variable products the cheapest in the industry.
In the recent Top 50 Call Centres for Customer Service 2008 awards, first direct was rated the best for its UK customer relations.
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