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First Direct

Mortgages back on for new customers at first direct

New mortgage customers will once again be able to apply for a home loan through first direct. First had frozen new applications because it was unable to cope with such high demand.

According to First Direct, mortgage applications from new customers were suspended on April 1 because the volume had increased by 500 per cent. First direct mortgage deals for new customers were withdrawn so it could continue meeting the mortgage needs of existing customers.

Now the bank has cleared the mortgage application backlog from April and it can now start processing new requests. It siad that it had received a huge amount of interest in its mortgages from existing customers since April, seeing a rise of nearly double the usual demand

Chris Pilling the Chief executive, said we took the bold decision to withdraw from mortgage sales to non customers to allow us to process the huge number of enquiries we had received and focus on the excellent service we want to provide for our customers.

We've now assessed all the loan applications outstanding from April 1 and earlier and let everyone know the outcome. We've honoured the fixed interest rates available when people first contacted us about their mortgage.

All mortgages are subject to the company's normal maximum loan to value of 80 per cent, and rates automatically revert to its standard variable rate – currently six per cent – at the end of the fixed term.

The news that first direct is reopening its doors comes hot on the heels of Abbey and Nationwide cutting mortgage rates last week and HSBC extending its rate matcher offer. This is showing signs that the credit crunch may be starting to clear, much to the relief of borrowers across the country.

 

 







 


 











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