Spotlight: First Direct Lifetime Tracker
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Offset mortgages have never been mainstream products here in Britain because traditionally you've had to pay a premium. However, this is no longer the case and First Direct's new deal is worth considering. It is offering a lifetime offset tracker with a market-leading rate of 2.58 per cent – 2.08 percentage points above the Bank of England base rate. The arrangement fee is average at £999. However, the minimum deposit is 35 per cent.
While the rate is variable, there is no early redemption charge so you can remortgage at any time.
How do offsets work?
Any savings you have can be held in an account that is linked to the mortgage. Rather than earning interest on your savings, you pay less interest on your mortgage. For example, if you have a £100,000 mortgage and £25,000 in savings, you would only pay interest on £75,000 but your payments are based on a loan of £100,000. This means you overpay each month and can clear your mortgage more quickly.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments