First Direct Mortgages

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Last updated on 09 November 2020.

First Direct Mortgages FAQ

Who is First Direct?

First Direct is a retail bank based in the UK that offers services online and through telephone banking. It has more than 1.3 million customers and offers a range of financial services. It is part of the HSBC banking group.

Can I get a mortgage with First Direct?

Yes, First Direct offers mortgages to those who want to buy their first home, as well as to those who want to move home. First Direct also offers re-mortgaging options for those who have a mortgage with another lender but who would like to move it to First Direct.

What types of mortgages does First Direct offer?

First direct offers three main types of mortgage:

  • Fixed-rate mortgages: These mortgage deals allow borrowers to fix their interest rates at a certain percentage for a set period of time. They are often favoured by people who want to have a greater level of control over their spending and who want to be able to predict their household outgoings each month to enable them to plan their finances more effectively.
  • Tracker mortgages: Tracker mortgages ‘track’ at a certain percentage above the Bank of England’s Base Rate. This can mean lower interest rates when the base rate remains low, but interest rates, and monthly repayments, as a result, can increase at any time. They can, of course, also decrease in line with the base rate so tracker mortgages are seen as a less-predictable type of mortgage but offer favourable rates when the base rate is low.
  • Standard variable rate mortgages: These mortgages charge interest at First Direct’s Standard Variable Rate (SVR), which can change at any time. Fixed-rate mortgage borrowers will see their interest rate revert to the SVR after their fixed period is up.

Can I link my First Direct account to my mortgage and offset my interest rate?

Those with current accounts or savings accounts with First Direct can usually offset their mortgage against the balance. Therefore, they only pay interest on the difference between the balance outstanding on their mortgage and the balance held in their account.

Does First Direct offer mortgage research tools?

Yes. The First Direct website offers a range of calculators to help you work out how much you could borrow, what your repayments might be like and what mortgages you are likely to be offered. It also offers a calculator that can help you find out how much you can save if you overpay on your mortgage each month. However, it’s always important to check that overpayments are permitted on the deal you take out.

How do I apply for the First Direct mortgage?

You can apply for a First Direct mortgage online or on the phone.

Services offered by this provider may change over time. Always check Ts&Cs.

NerdWallet has selected Koodoo to provide you with this information-only online comparison service on a non-advised basis. NerdWallet will receive a share of the commission that Koodoo earns from the lender or from our partnered broker, Fluent Mortgages.

Koodoo is the trading name of Mortgage Power Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 845978), and is a registered company in England and Wales (company registration number 10978680), with a registered address at Scale Space, 58 Wood Lane, London, W12 7RZ

Fluent Mortgages Ltd is authorised and regulated by the Financial Conduct Authority (FRN 458914), and is a registered company in England and Wales (company registration number 10978680), with a registered address at 102 Rivington House, Chorley, New Road, Horwich, Bolton, BL6 5UE

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