Make 2010 the year when you sort out your motgage with the 2.7% APR Base Rate Offset tracker mortgage from firstdirect.com

The FirstDirect.com offset mortgage allows you to pay less interest on your mortgage as the amount you owe is offset by the amount you have in your savings account. You don’t earn any interest on your savings, so there’s no tax to pay on the interest. The firstdirect.com tracker mortgage tracks to the Bank of England Base rate plus 2.08% for the lifetime of your mortgage. The BoE rate is currently 0.50% so the tracker rate is 2.58%, and 2.7% APR if you want to compare the first direct.com Base Rate Tracker mortgage with any other mortgage companies.

The Base Rate Tracker has just received the Best Buy from moneyfacts, so it’s definately worth a look. Your home may be repossed if you do not keep up with repayments on your mortgage, so make sure you can make the payments for firstdirect.com and make sure you can still make the repayments if the rate were to go up. The BoE are under pressure to raise rates to curb inflation in 2010 so the www.FirstDirect.comBase Rate Tracker will go up if the BoE rate does. 2.58% could quickly become 3.08% so do some calculations and see if you can still pay.

If you want more certainty with the same mortgage payments every month, have a look at a fixed rate mortgage as you’ll be paying the same amount regardless of the BoE rate. You will pay more that you would for a Base Rate Tracker from www.firstdirect.com as the banks will build in some extra % to the fixed rate to take into account of the base rate fluctuations. They don’t like to fix at a low rate and lose out when the BoE base rate jumps! Base Rate Trackers are good if you think the rate will stay low, but if you think the rate will climb over the next few years, then fixing your mortgage rate now could be a good idea. Take professional advice from a mortgage professional before committing to a 25 year mortgage!

Interest rates are correct on the 26th January 2010 and you should check the exact rate when you apply and see the terms and conditions of any mortgage offers.

This review was posted on Tuesday, January 26th, 2010 and the offer details may have changed or ended since writing or updating. Check the company website for up to date information on offers.

Related posts:

  1. Cheltenham & Gloucester Mortgage Get a fixed rate mortgage until 2013 and 6000 airmiles...
  2. Fixed Rate Mortgage If you’d like to fix your current mortgage rate then...
  3. Cheltenham & Gloucester Mortgages The All Weather Mortgage from Cheltenham & Gloucester allows you...
  4. Yorkshire Building Society Mortgage If you’re after a fixed interest mortgage deal, the Yorkshire...
  5. Great Rate Mortgage from Natwest Natwest have a limited offer on fixed rate mortgages, starting...
  6. Natwest Mortgage Shrinker Would you like to pay off your mortgage early? We’re...
  7. Norwich & Peterborough Mortgages Get a three year base rate tracker mortgage from Norwich...
  8. Nationwide Monthly Savings Account The Nationwide Monthly Savings account offers rates of up to...
  9. Saga Top 5 Tracker account 6.20 % AER If you want a great online interest rates but don’t...
  10. Bank Of Scotland Fixed Rate Halifax ISA Saver Open a Bank of Scotland Halifax Fixed rate ISA and...