
About First Direct Mortgages
First direct offer a range of repayment options to suit your circumstances. These include:
The Repayment Mortgage - this is a straightforward capital repayment mortgage that requires monthly payments to cover both the interest accrued as well as part of the capital. This means that provided you always make your payments, the mortgage will be paid back in full by the end of the agreed term.
First direct offset mortgages allow you to link your 1st Account, Everyday Savings Account and Savings Account balances to your mortgage - then you only pay interest on the difference. For example, if you have an outstanding mortgage value of £100,000 and you linked a savings account to it containing a balance of £10,000, you would only have to pay interest on £90,000 of your mortgage.
You can use your 1st Account and day-to-day savings account balances to lower your mortgage balance without actually earning credit interest, which means you don't have to pay any tax on it.
First direct mortgages have won numerous awards over the years, so you can feel safe in knowing that other home-owners have had good experiences with first direct.