Direct Line

History

Relative to most other UK lenders, Direct Line is the new kid on the block. Founding in april 1985, it has had a very successful two decades. It was originally formed as a car insurance company that was accessible strictly by telephone. Today, there are over 9,000 employs who service over five million customers from the UK and across Europe.

Direct Line is part of the RBS Insurance division of the Royal Bank of Scotland Group that now offers insurance as well as other financial services. Their head office is located in Croydon, however there are also offices in Glasgow, Bristol, Birmingham, Leeds, and Manchester. They have also expanded into Spain, Japan, Germany, and Italy.

Their very distinct logo of a red telephone on wheels, which now has an addition of a mouse to announce its internet presence has been very successful. They pride themselves on great products and services, competitive pricing, outstanding customer services, and a real belief in their employees.

Remortgages offered through Direct Line

Direct Line offers very comparable remortgage schemes. And as well, they are encouraging customers to remortgage with them by offering free valuation and legal fees. The following is a listing of their remortgage options:

Fixed Rate - your initial rate will be fixed for an agreed period of time. Direct Line has mortgages that are fixed for 2, 3 and 5 year rates. After the fixed rate period has finished your mortgage will revert to a standard variable rate. You can overpay up to 10% of the initial borrowing a year during the fixed rate period. An early repayment charge will apply if you repay more than 10% of the mortgage in the fixed rate period. Interest is calculated daily. An arrangement fee applies.

Discount Rate - your initial rate is set at a discount for a 2 year period. After this period your rate will be set above the Bank of England Base Rate for the rest of the mortgage term. You can overpay up to 10% of the initial borrowing a year during the discount rate period. An early repayment charge will apply if you repay more than 10% of the mortgage in the fixed rate period. Interest is calculated daily. An arrangement fee applies.