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Mortgage provider First Direct have announced that it is no longer accepting new mortgages after receiving five times the usual volume of applications. The rise in applications was due to First Direct's competitive rates compared to other lenders who have recently raised mortgage rates (as reported 'In the News' 28 March). For example First Direct's 2 year fixed mortgage rate deal for 4.95% was the leader in the market. Owned by HSBC, First Direct is not thought to be in financial trouble the temporary close of business is to deal with the backlog of new applications. However the company was unable to say when they would accept new mortgages again. Existing First Direct customers will still be able to take out new mortgages, only new customers are effected.
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First Direct puts halt to new lending as homes gloom grows
News Type: Event — Seeded on Wed Apr 2, 2008 5:15 AM EDT
Article Source: The Times
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