Mortgage lender first direct is offering a new fee-free offset tracker product.
The new mortgage will be at a rate of 0.99 per cent above the Bank of England base rate, meaning the product will offer a starting rate of 5.99 per cent.
As well as having no fee, the offset element of the mortgage means that customers will only pay interest on the difference between the outstanding balance and funds in their current and savings accounts .
Chris Pilling, chief executive of first direct, said: "Our new fee free offset tracker offers a great mortgage rate with no costs at all, apart from the loan itself."
This should help mortgage customers during the current adverse market conditions, he added.
Yesterday, Newcastle Building Society announced that it is to launch a total of 20 new mortgage products including 14 fixed rate mortgages .
Rates on the new mortgage deals start at 5.65 per cent.
New tracker mortgage from first direct
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New tracker mortgage from first direct
Tue, 19 Aug 2008
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