Mortgages Uncovered

First Direct announced plans this week to hike its interest rates. They withdrew their 4.75% tracker two year deal and replaced it with a 4.95% mortgage instead.

Their mortgages have been in demand so much over the last few weeks that First Direct has taken weeks to get back to customers. They reassured their customers that any enquiries made up until the night before the change would still be honoured at the lower rate.