First direct announces tracker mortgage offerings

Those looking for a new tracker mortgage may be interested in two new products launched by first direct.

The online bank has introduced the offset base rate tracker mortgage and the life tracker mortgage, both of which track the Bank of England’s base rate for the duration of the loan period.

Maximum loan to value (LTV) on the offset deal – which is priced at 1.49 per cent above base rate – is set at 80 per cent with a £599 arrangement fee, while the life package tracks at 1.69 per cent above the base rate and has a £399 arrangement fee with the same LTV value.

Either package may be tempting to those looking to switch from a fixed-rate mortgage to tracker deal as part of a debt management plan.

In related news, Nationwide has made alterations to its tracker mortgage deals, removing the 2.75 per cent floor that had been in place for the last four years.

By Tom Musk