Abbey launches high LTV deals
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Abbey for Intermediaries is launching two new deals on Friday for borrowers with LTVs of 85% and 90% and a new four-year fix for Loyal Movers.
The lender is launching a two-year fix with a rate of 4.99% and a fee of £995, available up to 85% LTV to homebuyers.
It is also launching a new three-year fix for homebuyers up to 90% LTV, offering a rate of 6.89% and an upfront fee of £995.
Both products come with the Homebuyer Solution, offering borrowers the added benefits of a free basic mortgage valuation and £250 cashback on completion.
AFI has also added a four-year fix to the Abbey Loyal Movers range. The product, which is available up to 75% LTV, has a rate of 4.75% and a £495 fee, and comes with the Homebuyer Solution.
The lender has extended its two-year fix at 3.90%, available up to 75% LTV and with no fee, to the entire intermediary market. The product is available to homebuyers and comes with the Homebuyer Solution.
In addition, AFI has made its two-year fix at 3.57%, with a fee of £995 and available up to 75% LTV, available to all Key Accounts. The product is available to homebuyers and comes with the Homebuyer Solution. And it has reduced the rate on its Homebuyer Plus two-year fix by 0.20%, to 3.19%.
Alan Mathewson, managing director of Abbey for Intermediaries, says: “We are committed to helping intermediaries find the right product for their client’s needs and these latest changes are designed to support homebuyers, including those at the higher LTV end of the market.
’And at a time when many borrowers are looking for the peace of mind provided by a fixed rate mortgage, we are delighted to reward our existing customers with a new market leading four-year fix available up to 75 per cent LTV.”
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Readers' comments (3)
Anonymous | 23 Sep 2010 12:50 pm
Nice. 90% with an UPFRONT fee of £995. So if they do an HSBC and decide to reject the majority of their clients applying for a 90% mortgage, they still bank their arrangement fee, for a mortgage they havent arranged. Good if you can get it, wonder if I can charge a broker fee to all the clients I cant help!!!
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Taylor James | 23 Sep 2010 3:53 pm
Anonymous@12.50.
I think you might need to check that one out first. Abbey's criteria is that all upfront fees are refunded if the deal does not proceed through no fault of the clients - i.e. downvalued, credit score etc.
If the client pulls out, they lose their fee.
For a 90% deal, it's not too bad. Certainly not as good as you might get direct, if a client can manage to get agreed by Post Office, Yorkshire, HSBC etc, but definitely not as bad as those awful plus 7% 5 year fixes on offer a few months ago.
Also, I hate to put a brightener on things, but Abbey seem quite keen to lend at the moment.
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Mike Fitzgerald | 23 Sep 2010 4:03 pm
Its good to see the Abbey Intermediaries range being improved and extended.Its a little bit of good news for brokers and the Higher loan to values will help
Now lets hope that the other lenders try to compete and improve their products
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