First Direct struggles to service applicants lured by £99 fee

Call volumes have leapt 40%, when the rate dropped from £999 to £99, with the bank's lifetime tracker mortgage drawing the most applications. The lifetime tracker repayment loan is set at 1.79% above base rate until the entire loan is paid off for those on a 65% LTV. The product also offers 2.29% above base rate for those on a 75% LTV, or 3.49% above base for those on a 85% LTV. First Direct is urging customers not to panic and is sending letters reassuring them if they qualify they will get the interest rate they want. It is recruiting more staff to deal with the deluge of applica...