Abbey and A&L withdraw deals
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Abbey for Intermediaries and Alliance & Leicester Intermediaries are withdrawing a number of fixed rate deals at LTVs between 70% and 90% LTV.
The two lenders, both owned by Santander, have emailed brokers today advising them that products are to be withdrawn.
A&L is withdrawing four fixed rate remortgage deals including a two-year fixed rate deal at 4.84% with a £1,495 fee and a two-year fixed rate deal at 5.04% with a £495 fee.
It is also pulling two three-year fixed rate deals, one at 5.69% with a £1,495 fee and one at 5.89% with a £495 fee.
Abbey is withdrawing four deals including two five-year fixed rate deals at 70% and 90% respectively, and two two-year trackers at 70% LTV.
But at the same time it has cut the rate on its three-year fixed rate for purchases by 0.10% to 5.69% with a £995 fee up to 85% LTV.
Abbey has also introduced a two-year tracker at 2.69%, or Bank of England base rate plus 2.19%, and a £495 fee.
All products on Abbey’s current fixed rate range will be replaced from midnight tonight.
Full applications have to be submitted by this time in order to secure a booking.
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Readers' comments (1)
Lori Butterworth | 26 Mar 2010 5:39 pm
Are other brokers familiar with the practice of "mortgage broker gazumping" currently being operated by certain estate agents? A client of mine recently put in an offer on a property only to be informed that the offer could not be submitted unless he spoke first with their mortgage adviser in order to ensure that he could obtain a mortgage. When he informed them that he already had a mortgage adviser who had done all the necessary preliminary research and that he was quite satisfied with her service, he was informed that their Adviser would be more competitive and in any case, it was "company policy" that Offers should proceed in this way. Naturally, the Adviser was able to offer all sorts of blandishments commensurate with the heavyweight buying power of this particular estate agency chain and as a result, the client was compelled to take this route. This practice, if allowed to prevail, surely undermines professional integrity, constitutes "mortgage gazumping" and will be yet another nail in the coffin of the independent mortgage broker.
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