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First Active steps in with fixed and discount deals

Andrea Tryphonides

First Active is offering a range of fixed rate and discount mortgages to intermediaries along with a new marketing campaign.

The new range is based around a standard variable rate of 0.99 per cent above Bank of England base rate. Borrowers have the option of switching to a new First Active deal once their initial deal ends while the intermediary will receive a full procuration fee if the clients switches.

The loans include discounts for two and three years or until January 2010. Fixed-rate mortgages feature deals at 4.94 per cent until January 2007 and 5.25 per cent until January 2010. The stepped-rate product is exclusive to intermediaries, offering a three and five-year deals starting at 4.54 per cent and 3.64 per cent respectively.

All the products are flexible and have interest calculated daily. There is no extended tie-in. Arrangement fees are 399 plus legal and valuation fees for homebuyers and 399 for remortgages.

Managing director Jayne-Anne Gadhia says: “Our new products provide great value over the short term and the lifetime of the mortgage. There is no sting in the tail, no unfair tie-ins, no hidden charges and no unnecessary paperwork. Our short and long-term rates that track the Bank of England rate will do exactly that, with no mark-up.”

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