The offset base rate tracker mortgage tracks base rate for the life of the loan and is available base rate plus 1.49%.
The mortgage has a £599 arrangement fee.
It is also offering a life tracker mortgage that is a capital repayment mortgage. It is priced at base rate plus 1.69% and has a £399 arrangement fee.
Matt Colebrook, chief executive of First Direct, says: “We’ve consistently been offering best buy mortgages in 2008 and these two new mortgages are no exception.
“We’re also passing on the full base rate cut of 1% from January 2 which makes our SVR the lowest in the industry moving from 4.69% to 3.69%.”