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Mortgage lender offers lowest ever mortgage rate

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Internet bank first direct now offers its cheapest mortgage rate ever, which is also the lowest variable mortgage rate available from a national bank or building society today.

The new discounted variable mortgage rate is set at 2.99 per cent until May 2006.

After that, mortgage holders will pay the mortgage lender's standard variable rate (SVR), which is currently at 5.50 per cent.

According to the first direct's chief executive Richard Kimber, this mortgage offers homeowners a winning deal for two reasons.

First, the lowest rate since Elvis was in short trousers, thanks to our new discount. Then, a low standard variable rate that anyone paying Halifax's painfully high SVR would cry for, Mr Kimber explained.

If you are looking for a mortgage discount, here is one that does not come with a nasty sting in the tail, he said.

The mortgage lender also offers a fixed mortgage rate product. The mortgage rate for this deal is set at 4.89 per cent (5.50 per cent APR) over a three-year period.

first direct has been the UK�s most recommended bank, and has had the most satisfied customers, for the last 13 years, 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.

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