We offer two types of mortgage: Repayment and Offset, and for each of these types of mortgage there are different types of interest rate.
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 therefore rise and fall in line with changes to the Bank of England base rate.
- the interest rate you pay will be a variable rate which will be an agreed percentage above the Bank of England base rate. As the Bank of England base rate rises or falls, the interest rate you pay will track these changes, and so rise and fall accordingly which will affect your monthly payments
- first direct offer various tracker periods. At the end of the tracker rate period, your mortgage rate will revert to our standard variable rate unless you switch to another interest rate
- you are able to make unlimited over payments to your mortgage whenever you choose without any Early Repayment Charges.