Mortgages

Remortgaging



Whether you're coming to the end of your current mortgage deal with your existing lender, or you're looking for a more flexible mortgage, we have a range of options you might find tempting.

When you are ready, there are two ways you can apply and each offers a different type of service. If you apply by telephone, we will provide you with advice in respect of choosing a mortgage, taking into account your individual needs and financial circumstances. If you use our online service you will not receive advice in respect of your mortgage.

How can we help?

If you're new to first direct

0800 48 24 48

first direct account holders

08 456 100 103

How to use this guide

If you're looking to move your mortgage to first direct from another lender, there's a few things you'll probably want to know.

Our Remortgaging Guide will help you work out how much you can borrow, as well as understand the types of mortgages and different rates that are available.


What is a remortgage?

Put simply, remortgaging is moving your mortgage from one lender to another without moving home. Some people remortgage to get a better deal, and others remortgage to get a more flexible mortgage.

What type of remortgages do first direct offer?

At first direct we know that everyone's needs are different - which is why we offer a range of fixed and tracker rates, available as both offset and repayment mortgages.

For all our mortgage products, the greater the equity in your property, the lower your Loan to Value (LTV) will be - which allow us to offer better rates.

Repayment Mortgages

Our Repayment Mortgage is a straightforward Capital Repayment Mortgage. Your monthly payments cover both interest and part of the capital, which means that as long as you make your payments, the mortgage will be repaid in full at the end of the term.

Key features:

  • gives you security that, as long as you make your monthly payments, your mortgage will be repaid in full at the end of the term
  • you can make unlimited overpayments, however early repayment charges may apply, depending on the type of rate chosen and if you choose to fully repay your mortgage
  • you can borrow over terms of between 2 and 40 years
  • minimum mortgage amount £10,000.

Things to bear in mind:

  • the maximum age for the repayment mortgage is 75 at the end of the mortgage term (subject to status). For joint applications this will be the maximum age of the eldest party
  • we do not lend for business purposes or buy to let
  • you must hold or open a first direct 1st Account to qualify.

Find and Compare our Mortgages


Offset Mortgages

Our Offset Mortgage is an interest only mortgage designed to help you get more from your money. You can link your qualifying savings and current account balances to your mortgage so you only pay interest on the difference.

Key features:

  • an interest only mortgage where your monthly payments will cover only the interest charged on your mortgage. You are responsible for making your own arrangements to repay your mortgage at the end of the mortgage term. You must demonstrate that you have an acceptable repayment vehicle in place, for example you may choose to use an endowment policy, another investment or savings plan
  • you can make unlimited overpayments, however early repayment charges may apply, depending on the type of rate chosen and if you choose to fully repay your mortgage
  • you can borrow over terms of between 2 and 25 years
  • minimum Offset Mortgage amount is £30,000
  • you can redraw capital up to your mortgage account limit - this will increase your interest payments and could increase the time it takes for you to pay off your mortgage. If you take advantage of the redraw facility, you must review your repayment plan regularly to make sure you are still on track to repay any outstanding capital by the end of the mortgage term. Any borrowing linked to your Offset Mortgage will be secured against your property.

Things to bear in mind:

  • the maximum age for the Offset Mortgage is 65 at the end of the mortgage term (subject to status). For joint applications this will be the maximum age of the eldest party
  • sole applicants must have a minimum salary of £50,000. Joint applicants must either have a minimum combined salary of £75,000, or one party have an individual salary of £50,000 or more
  • we do not lend for business purposes or buy to let
  • you must hold or open a first direct 1st Account to qualify.

Types of rate

Fixed Rate Mortgages

Our Fixed Rate mortgage gives you the security of fixed mortgage payments until an agreed date, no matter what happens to interest rates.

  • your rate is fixed for the duration of the chosen fixed rate period meaning that your monthly payments remain the same regardless of what happens to the interest rates throughout the fixed rate period
  • first direct offers various fixed rate terms. At the end of the fixed rate period your mortgage rate will revert to the Standard Variable Rate unless you successfully apply for another rate
  • you are able to make unlimited overpayments to your mortgage whenever you choose
  • early repayment charges may apply if you choose to fully repay your mortgage during the fixed rate period.

Fixed rate mortgage funding is limited and offers may be withdrawn at any time without notice.


Tracker Rate Mortgages

With our Tracker Rate mortgage, the interest rate is set at an agreed percentage above the Bank of England base rate. The interest rate will rise and fall in line with changes to the Bank of England base rate.

  • the tracker interest you pay is an agreed percentage above the Bank of England base rate. As the Bank of England base rate rises and falls, your tracker will track these changes, and so rise and fall accordingly which will affect your monthly payments
  • first direct offer various tracker terms. At the end of the tracker rate period your mortgage rate will revert to the Standard Variable Rate unless you successfully apply for another interest rate
  • you are able to make unlimited overpayments to your mortgage whenever you choose without any early repayment charges.

Standard Variable Mortgages

Our Standard Variable Rate will vary over the term of the mortgage and is a variable rate set internally by first direct. This is the rate that your mortgage will revert to after any fixed, capped tracker or tracker rate has expired.

  • the Standard Variable Rate is only available as an on sale product with a first direct Offset Mortgage
  • the Standard Variable Rate does not track the Bank of England Base Rate
  • the Standard Variable Rate will vary over the term of the loan and is a variable rate set internally by first direct
  • you are able to make unlimited overpayments to your mortgage whenever you choose without any early repayment charges.

How much can I borrow?

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Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.

Have a question?

Contact us

If you're new to first direct

0800 48 24 48


first direct account holders

08 456 100 103



Can't find what you're looking for?

† Our Mortgage Team is available 8am to 10pm, 7 days a week