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New fixed rate mortgage available from first direct

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A new three-year fixed rate offset mortgage is available from first direct.

The bank announced the new fixed rate mortgage that offers borrowers a fixed rate of 5.25 per cent for three years (5.8 per cent APR).

Borrowers get the option to offset savings and current account balances and the flexibility to make unlimited overpayments as well as underpayments on their mortgage balances.

Mortgages are available at up to 80 per cent loan to value.

Richard Kimber, first direct's chief executive said that mortgage borrowers get the security of managing their outgoings with the added ability to offset if it suits them with the new first direct fixed rate mortgage.

The new mortgage follows the mortgage lender's recently launched base rate mortgage offer which guarantees that new variable rate home loans will be charged at base rate - currently 4.75 per cent - until January 2006.

first direct has been the UK's most recommended bank, and has had the most satisfied customers, for the last 13 years consecutively (which is when the research began), according to research from MORI and Research International.

The bank has also been awarded a number of prizes like the Best direct mortgage lender and Best internet mortgage lender.

first direct is a division of HSBC Bank plc, and a member of the HSBC Group. Serving over 110 million customers worldwide, the HSBC Group has over 9,800 offices in 77 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa.

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