first direct launches two new market leading two-year fixed rate offset mortgages at 5.49% and 5.99%

first direct has launched two market leading two-year fixed rate offset mortgages priced at 5.49% (6.9% APR) and 5.99% (6.8% APR).

The rates are a limited offer and available from today, Thursday 27 September.

Both deals revert to a competitive SVR of 6.75% and have a maximum loan-to-value of 80 per cent.

The direct bank has introduced two new products to give customers the chance to choose the best balance of rate and arrangement fee to suit them.

Over 10% of the direct bank's customers now have offset mortgages choosing to make use of the financial benefits of linking day-to-day savings to their current account balances and mortgage.

Chris Pilling, first direct's chief executive said: "first direct are leading the way in the world of offset mortgages with great rates matching and beating the non offset options.

There is no reason why customers shouldn't benefit of making their savings and current account balances work hard to reduce their mortgages." Plus, our offset fixed rate mortgages are unique in their flexibility.

Not only can customers move as many times as they like at no extra charge, they can overpay, underpay and redraw funds, without further approval, at a moment's notice and at the same great rate that they originally fixed the mortgage." The first direct fixed rate offset Mortgages give borrowers:two market leading rates of 5.49% (6.9% APR) and 5.99% (6.8% APR)fixed for two yearsthe 5.49% fixed rate attracts an arrangement fee of £1499 and bookingfee of £99.

Minimum loan size is £15,000 and maximum £300,000.the 5.99% fixed rate has no arrangement fee and a booking fee of £99.

Minimum loan's size £15,000 and there is no maximum loan.availability to move their mortgage to a new property during thefixed rate for free, as many times as they likereversion to an extremely competitive standard variable rate (SVR) - currently 6.75% at the end of the fixed rate termmaximum LTV is 80%minimum loan size is £15,000, maximum £300,000the flexibility to make unlimited overpayments in either lump sums or regular paymentsno tie in to the SVR at the end of the term.

Borrowers are free toopt for another fixed rateMortgage administration closure fee £149 For further information please contact Amanda Brown on 0113 2766700 or email amanda.brown@firstdirect.com For further information about first direct's mortgages, consumers should call 0800 24 24 24 or visit www.firstdirect.com.

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