UK Money News
20th May 2008
First Direct to offer mortgages again
First Direct has confirmed it is once again to begin offering mortgages to new customers, after withdrawing from the market last month.
A surge in demand for the company's mortgage products was cited by the firm as the reason behind the decision to pull its products.
This had been driven by rival mortgage providers opting to increase their rates on home loans.
However, Chris Pilling, First Direct's chief executive, has now announced that that the backlog of applications has been cleared and that the lender is now able to recommence the new mortgage lending facet of its business.
He said: "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've now assessed all the loan applications outstanding from April 1st and earlier and let everyone know the outcome."
In other good news for borrowers, Halifax has said it is cutting interest rates on a selection of its home loan offers by 0.15 per cent for existing borrowers.
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