What mortgages are available from First Direct?

First Direct offer residential mortgages only. Their range is divided into two product types:

Repayment mortgages 

There are 2, 3, and 5-year fixed-rate mortgages available, with a 10-year option reserved for existing customers. Lifetime tracker mortgages are on offer to new and existing borrowers. 

Interest-only offset mortgages

These products, which allow borrowers to link a current or savings account to their mortgage to reduce the interest charges, are available to existing First Direct offset mortgage holders.

It comes in 2-year fixed and tracker variations, with the LTV starting at 75%.

Eligibility criteria

The criteria for a First Direct mortgage is as follows:

• Deposit requirements: Start at 5% of the property’s value (95% LTV) in its repayment mortgage range. Offset mortgages require at least 25% deposit.
• Credit history: First Direct recommends that customers obtain their credit files from the credit reference agencies before applying for a mortgage. They will make a lending decision on borrowers with bad credit on a case-by-case basis.
• Term lengths: Terms of between two and 40 years are available.
• Proof of income: Self-employed applicants with less than two years’ trading history can get approved with one year’s accounts, dated within the last 18 months, and their last three months’ business bank statements.
• Age limits: Applicants must be aged 69 or less at the time of application.
• Interest-only offset: Must be an existing customer to qualify for this mortgage type.
• Property type: Must be of standard construction with a working kitchen and bathroom. First Direct has LTV caps on certain property types, like new builds (85%) and flats (90%).

What mortgage rates are available from First Direct?

Examples of First Direct’s latest mortgage rates at the time of writing (October 2024) include:

• Two and three-year fixed rates: 4.54% for new customers and 4.49% for switchers with at least a 15% deposit
• Five-year fixed mortgage: 3.99%
• Ten-year fixed mortgage: 3.99%

You can review how these rates compare with what’s available from 90+ other UK lenders by using our free comparison service - get started here.

How much will they let you borrow?

First Direct will cap your maximum borrowing at between 4.5 and 4.75 times annual salary. You can get a rough idea of what this will equate to and compare it to some of the higher income multiples used by others lenders by entering your income into our calculator below:

Are First Direct a good mortgage lender?

First Direct currently holds an average rating of 4.3/5 on consumer review service Trustpilot. This indicates ‘excellent’ reviews, but they are for all of its products, not just mortgages.

In a survey of UK mortgage lenders, consumer ground Which rated First Direct at 67%, placing them in 11th place out of 22 lenders surveyed.

Pros and cons

The table below offers a snapshot of the advantages and disadvantages of First Direct as a mortgage lender to help you decide whether they are the right option for you:

How to apply for a mortgage with First Direct

As their name suggests, the only way to apply for a mortgage from them is to go direct. They do not offer deals through brokers, but that doesn’t mean you shouldn’t speak to one before you press ahead with a mortgage application with First Direct.

It’s always a good idea to compare what is available elsewhere before limiting yourself to one lender’s product range. Even if you think First Direct are the perfect mortgage provider for you, it will give you peace of mind knowing you have researched every other option.

We recommend reviewing the rates deals on First Direct’s website and comparing them with what you find on our free comparison service, to ensure they are the best you qualify for. 

You can browse what’s available from their competitors across the market, choose the one you want in real time, and turn to a broker for advice at any point.