First Direct Standard Variable Rate Overview

The First Direct Standard Variable Rate is a popular mortgage option that offers flexibility and competitive rates. It's a variable rate, which means it can change over time.

The rate is currently set at 3.99% APR, which is a relatively low rate compared to other variable rates on the market. This rate is subject to change, so it's essential to keep an eye on it.

First Direct offers a range of benefits with this mortgage, including a free valuation and no fees for valuations or surveys. This can save you money upfront and make the process more straightforward.

Overall, the First Direct Standard Variable Rate is a solid option for those looking for a variable rate mortgage with competitive rates and a range of benefits.

First Direct's variable mortgage rates are based on their Standard Variable Rate (SVR), which is not linked to the Bank of England Base Rate.

You'll be moved onto the SVR after your initial deal period ends, and there's no option to apply for a mortgage just on the SVR rate. Find a mortgage that suits your needs now.

The SVR is actually the most important number to consider when choosing a First Direct mortgage, as it's the rate you'll be charged after the initial deal period.

First Direct sets their SVR rate themselves, not based on any external factor. It's worth noting that lenders publish an APR to take into account the initial discounted rate and the SVR for the term of the mortgage loan.

First Direct's initial rates are among the best deals in the industry, but you should also consider arrangement fees, repayment penalties, and the SVR you may have to pay if you don't remortgage.

The Standard Variable Rate (SVR) is set by first direct, and isn't linked to the Bank of England Base Rate or any other rate.

You can make unlimited over payments to your mortgage without worrying about Early Repayment Charges, which is a great option if you want to pay off your loan quickly.

The SVR will vary over the term of the loan at a rate set internally by first direct, so your interest rate won't be tied to any external rate.

Here are the key features of the SVR:

Our variable rate is set internally by us, which means it's not linked to the Bank of England Base Rate or any other external rate.

The Standard Variable Rate (SVR) applies when the agreed term of a Fixed or Tracker Mortgage comes to an end. This is the rate you'll be placed onto as a First Direct customer after your mortgage deal period ends.

You can make unlimited overpayments to your mortgage without Early Repayment Charges. This is a great feature to help you pay off your mortgage faster.

Here are some key features of our SVR:

It's worth noting that there are no products that you can apply for just on SVR, as even tracker mortgages track the Bank of England base rate rather than the First Direct mortgage rate.

First Direct has a rich history dating back to 1989 when it was launched by Midland Bank, one of the big 4 banks in the UK at that time.

In just a few years, the bank experienced rapid growth, reaching over 100,000 customers by 1991.

By 1992, First Direct had become part of HSBC following the acquisition of Midland bank.

By 1993, they had over 250,000 customers, and by 1995, they had reached an impressive milestone of over 500,000 customers.

First Direct was a pioneer in internet banking, launching trials in 1997 and fully launching in 1998.

They also introduced text message banking in 1999 and an offset mortgage product by 2001.

Here are some notable milestones in First Direct's history:

Remortgaging can be a complex process, but it can also be a great way to save money on your mortgage.

You can remortgage your home to switch to a different lender, often with a lower interest rate, which can lower your monthly payments.

The First Direct Standard Variable Rate mortgage offers a flexible option for homeowners who want to remortgage, with a rate that can be adjusted up or down at any time.

This flexibility can be beneficial for homeowners who need to make changes to their mortgage terms, such as increasing or decreasing their loan amount.

However, it's worth noting that remortgaging can also involve fees, such as early repayment charges, which can add up quickly.

You can avoid these fees by carefully considering your options and choosing the right time to remortgage, often by waiting until the end of a fixed-rate deal.