Posted on 02 April, 2008
First Direct the Internet and telephone bank confirmed it has temporarily suspended
new mortgages because it had received over five time the expected amount of new mortgage business.
This has been caused in part by the Northern rock crises and the fact that many other lenders have been increasing their rates charged so making First Direct rates look very attractive.
First Direct is part of the HSBC group and has over 1.2 million customers. The group will continue to offer mortgages to its existing customers.
During this temporary suspension the parent company HSBC will still offer new customers access to new mortgage deals.
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