Mortgages

Amend your existing online application

If you’ve recently applied for your first direct mortgage online and wish to make any amendments to your application, you’re able to change the following online:

  • loan amount
  • mortgage term
  • mortgage type (i.e. change from offset to repayment only)
  • interest rate (e.g. change from fixed, tracker or standard variable)

In order to make amendments, you’ll need to:

1. Use our ‘Find a mortgage for you’ tool to find the mortgage you would now wish to change to – remembering to select ‘Amending an existing application’ in the ‘I am..’ field.

2. Once you’ve selected the mortgage, you’ll then need to click on ‘Full details’, followed by ‘How to Apply’.

3. Then simply follow the on-screen instructions.

Please Note: You'll need to complete a new mortgage application if you want to make any other amendments to your online mortgage application or if your application was submitted over five months ago. If you do not wish to amend your interest rate, but cannot find the interest rate you originally applied for, please call us on 03 456 100 103.

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Important Notes

first direct Offset Mortgages are interest only mortgages. The monthly payments shown on the next screen will cover only the interest charged on your mortgage.

This payment does not cover an amount that you need to pay to a repayment strategy. 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 a suitable repayment strategy in place. You may choose to use an endowment policy or another investment or savings plan.

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Mortgage Terminology

Things not as clear as they should be?

The world of mortgages can be a confusing place, so we've put together a list of terms and phrases we'd like to help you understand.

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This is where an existing customer borrowers more money, in addition to their existing mortgage borrowing with first direct, by releasing equity available in their property.

APRC stands for the Annual Percentage Rate of Charge used to compare loan offers. This represents the overall cost for comparison and can be used to compare mortgages between lenders.

This is a fee for arranging the mortgage, this is payable when your mortgage is drawn down. The amount of the arrangement fee will vary depending on the mortgage product chosen.

The Bank of England Base Rate is an interest rate set by the Bank of England.

This is a non-refundable fee charged on some mortgages to secure a particular mortgage deal.

With first direct once the booking fee has been paid, your chosen rate will be available for six months.

A capital repayment monthly mortgage payment covers the interest and also reduces the total balance outstanding.

This is an administration fee to cover the cost of closing a mortgage once it has been fully repaid. Where you wish to transfer your rate to another property and the sale and purchase complete simultaneously, the closure fee will be waived.

When buying a property you may need to pay a deposit. A deposit is an amount of money that you put towards the purchase of a property. The difference between the deposit amount and the total cost of the property will be provided by a mortgage.

An Early Repayment Charge is a charge you may have to pay if you choose to fully repay your mortgage early.

Early Repayment Charges do not apply to first direct mortgages if you choose to make overpayments or lump sum payments to your mortgage.

If you take a fixed rate mortgage and you repay the whole of your mortgage during the fixed rate period an Early Repayment Charge will apply. This charge is calculated at 3% of the original mortgage amount during first year of the fixed rate period and 2% of the original mortgage amount if the mortgage is closed in any subsequent year during the fixed rate period. If you choose to repay your mortgage after the fixed rate period has ended, no Early Repayment Charge will apply.

The amount of any Early Repayment Charge will be displayed on both your Key Facts Illustration and Mortgage Offer, which you will receive should you decide to progress with a mortgage application.

When a lender requests mortgage details from a customer's existing mortgage lender, the existing lender may charge an enquiry fee. This fee is normally paid by the new lender. The customer will be asked for written consent before the existing lender is approached.

This is the conservative market value of the property being mortgaged.

A person who holds a first direct mortgage seeking to borrow more using their home as security.

Fee Saver means no booking fee, no arrangement fee and no standard valuation fee. We will cover the cost of one standard valuation where this is required by first direct as part of your mortgage application.

Other fees and charges may apply, including but not limited to, legal fees. You may also be liable for any charges levied by your existing lender.

Buying a property and currently not owning a property.

A person selling one property and purchasing another property.

The interest chargeable on the outstanding mortgage balance is calculated every day rather than at the end of each week, month or year.

Your monthly payments will cover the interest charged on your mortgage only. You are responsible for making your own arrangements to repay the original capital amount borrowed at the end of the mortgage term. For example an endowment policy, investment or savings plan.

This is the percentage rate at which mortgage lenders calculate the interest they charge their customer for the mortgage.

The interest rate on your mortgage can be fixed or variable. Fixed means that the interest rate stays the same for a certain period. Variable means that the rate can change.

A KFI requires all lenders to set out the details of all associated rates and fees for a mortgage product in the same format to enable customers to easily compare products.

At first direct we have a range of Limited Edition mortgages. Mortgages from this range are available for a limited period and normally come with their own fees and interest rates. Our Limited Edition mortgages are in addition to our Standard and Fee Saver range.

The loan to value represents the percentage of the value of the property which the borrower is seeking to borrow e.g. a £100,000 property with a £75,000 mortgage would have a 75% LTV.

The maximum LTV we will lend will depend on your individual situation, the property, the loan you choose and the amount you borrow.

When a customer makes a one-off payment to reduce the outstanding balance on their mortgage.

This is the amount of the monthly payment you are required to make at the currently stated interest rate.

The length of time over which a mortgage is taken.

We define a New Build Property as:

  • a building that has been built in the last 24 months which includes property bought directly from a builder or developer
  • a property that has yet to be occupied for the first time

    and/or
  • a property that is yet to be occupied in its current form, for example following a renovation or conversion.

The property being purchased must have a first direct recognised satisfactory Structural Defects Warranty.

We may lend up to a maximum of 85% Loan to Value (LTV) on New Build Properties. Customers with an LTV greater than 75% are required to have a minimum deposit of £25,000.

The amount owed to a lender under an existing mortgage.

Sometimes customers may choose to pay more than their monthly payment on their mortgage, for example by making a larger monthly payment or a lump sum payment. The extra money will be used to reduce the outstanding balance.

The term used to describe transferring your current first direct rate from one property to another when you buy and sell property simultaneously. This may be available subject to Terms and Conditions.

The period during which a rate applies e.g. following the expiry of the chosen fixed interest Rate Period, the mortgage rate will revert to the Standard Variable Rate.

When a person transfers their mortgage from another lender.

This is a variable rate set internally by first direct. The Standard Variable Rate does not track the Bank of England Base Rate.

Some lenders stipulate that the borrower keeps their mortgage with that lender for a period of time after the agreed fixed rate period has ended. If the borrower moves their mortgage elsewhere during the tie in period, they may have to pay an Early Repayment Charge.

This is a fee to cover the cost of a valuation report. The fee will vary depending on the type of report chosen and the property value.

Find a mortgage for you

Quickly search our wide range of mortgages to find those that may be available to you.

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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.

† Our Mortgage Team is available Mon to Fri 8am to 10pm, Sat 8am to 8pm and Sun 9am to 8pm