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First direct unveils new life tracker mortgage
Thu, 25 Feb 2010
First Direct has expanded its range of mortgage products by introducing a new life tracker deal .

The provider, which has traditionally been recognised for its remortgage products, has launched its new tracker mortgage with a loan-to-value (LTV) of 85 per cent at 3.49 per cent above the base rate .

It has been revealed that the cent LTV repayment mortgage will carry an arrangement fee of £499.

Furthermore, First Direct has also unveiled a 75 per cent LTV product at 2.89 per cent and a 65 per cent LTV at 2.39 per cent.

Jimmy Kelly, a First Direct mortgage expert, explained the new LTVs are the first mortgage products launched as part of a concerted attempt to provide greater flexibility to homebuyers .

He said: "There are few mortgage products available in this category and we want to help people who can't quite reach a 20 per cent deposit for their new mortgage, but have more than ten per cent saved."

Meanwhile, Santander yesterday (February 24th) opened its doors to first-time buyers of new-build property for the first time since the start of the credit crunch.

According to a report in the Times, the Spanish retail bank will increase the maximum loan sizes for first-time buyers who want new apartments or houses .

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