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First Direct resumes lending

First Direct has resumed offering mortgages to borrowers today after withdrawing from the market in April.

It says it has cleared a backlog of mortgage application approvals which had forced it to suspend its mortgage offering to new customers.

First Direct says it has completed a year’s worth of mortgages in the past three months.

It will now offer a two year fixed rate of 5.76 per cent plus fees. Its offer is only available to those who have a deposit of 20 per cent or more.

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