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First launches its cheapest ever mortgage

First Direct has launched its cheapest ever mortgage with a discounted variable rate of 2.99 per cent until May 2006.
At the end of the discount term borrowers will revert to First Directs standard variable rate of 5.5 per cent.
First Direct chef executive Richard Kimber says: “This mortgage is a win-win for homeowners. First, the lowest rate since Elvis was in short trousers, thanks to our new discount. Then, a low standard variable rate that anyone paying Halifaxs painfully high SVR would cry for. If youre looking for a mortgage discount, heres one that doesnt come with a nasty sting in the tail.”

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