Consumers urged to remortgage

Homeowners have been urged to remortgage by First Direct.

According to the consumer finance provider, now is the perfect time to switch mortgage provider.

For a £150,000 25-year mortgage, cutting the lending rate by just one per cent could slash monthly payments by more than £75 during the first month.

First Direct has recently introduced a new remortgaging deal for consumers.

Richard Tolchard, senior mortgage product manager at the firm, said: "Now is a great time to give finances a lift by wrapping up a mortgage deal for just £99.

"What's more, with First Direct's legendary service the benefits will last longer than their Christmas hangover."

Consumers remortgaging with First Direct's new 65 per cent loan to value tracker repayment mortgage will get an introductory rate of 2.39 per cent - just 1.89 per cent above the Bank of England's base rate.

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2010-12-10 12:55:02 © Moneyextra.com