The mortgage is currently priced at 2.98% (3.2%APR) and offers new customers customers the security of being capped at 4.99% until 2012.

The new mortgage has a maximum loan to value of 75% and an arrangement fee of £1,499.

"We wanted customers to be able to take advantage of the current low base rate and offer the security of knowing that their mortgage rate won't go above 4.99% for the next three years,” said Jimmy Kelly, Mortgage Manager for first direct.

The new mortgage is part of the first direct Summer Sale, which starts today 1 July, and has some great offers for July only.

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