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Mortgages at First Direct `now available`

20/05/2008

Six weeks after calling a temporary halt to mortgage lending, First Direct has begun selling mortgages again, it has been reported.

They became the first institution to cease offering any new mortgage deals on April 1st 2008, after banking problems caused by a slew of applications with the onset of the credit crunch creating a backlog, according to the BBC.

Chief executive of First Direct Chris Piling is quoted by the news agency as saying: "Last month we took the bold decision to withdraw from mortgage sales to non-customers to allow us to process the huge number of enquiries we had received.

"We have now assessed all the loan applications outstanding from April 1st and earlier and let everyone know the outcome."

Meanwhile the bank`s parent company HSBC has been offering debt solutions by pledging to match expiring fixed mortgage rates of other lenders in a bid to encourage customers to switch providers, the agency reports.

In July 2007, First Direct was highly commended in the category of best lender for current account offset mortgages at the Moneywise Mortgage Awards.

Many debts unaffected by base rate cut 09/01/2009 - Yesterday, many borrowers welcomed the Bank of England’s base rate 1.5% base rate – an historic low 08/01/2009 - Today’s base rate cut by the Bank of England’s Monetary Gas price cuts expected 07/01/2009 - Energy company Scottish Power has announced the launch of a Personal debt about £1.5 trillion 07/01/2009 - The UK’s personal debt stands at around £1.5 trillion, according