View more on these topics

Abbey aims for flexibility

Abbey for Intermediaries has extended completion deadlines from three months to six months on all new variable rate tracker business as part of a drive to offer more flexibility to clients and to smooth the process for intermediaries.

The deadlines came into effect for applications made by intermediaries from March 15 this year.

Intermediaries are also able to offer their clients a buffer of £750 on all Abbey mortgage applications below 90% LTV on all applications.

These improvements remove the need for clients to resubmit their application should a sale take longer than expected to complete or should they need to increase the amount they are borrowing by up to £750. Instead, the mortgage can proceed on the basis of the existing offer, saving the adviser and the customer time and hassle.

Abbey has also introduced a 15-year mortgage at a fixed rate of 5.74%.

First-time buyers, loyal movers and remortgage customers can opt for a free valuation (up to £1,100) and free legal fees at a fixed rate of 5.79%. The maximum LTV on 15-year deals is 95%.

At the same time clients choosing a variable rate tracker can reduce their upfront costs by adding any arrangement fee to their loan.

Abbey has also extended its Loyal Mover discount to include Flexible Plus mortgages in the Mortgage Choice range. Existing Abbey mortgage customers who are moving home will get a 0.05% reduction on their rate.

Ambrose McGinn, director of Abbey for Intermediaries, says: “These features should be ideal for helping intermediaries offer customers the support they need. Echoing some of the principles behind the Miles review, Abbey has brought out a 15-year fix, aimed at giving customers more stability. “

Recommended

It&#39s time to kick out the kickbacks

Some time ago I was talking to the marketing director of a sub-prime lender that I now know promotes and uses deferred marketing allowances as a tool to build volume via packagers. At the time I didn&#39t have the faintest idea DMAs existed. Call me naïve but due to Optoma&#39s almost exclusively prime positioning we […]

All your network questions answered by the industry&#39s leading experts

Which of the AR or DR options will maximise the time spent with my clients? Chris French is chairman of the Mortgage Marketing CentreAbout the same because you will still have the same number of clients and the same processes. But the DR option means more time after-hours spent on compliance, doing returns, etc. Richard […]

Buyers knock down prices with tough negotiation

Tough negotiation and reduced fees can save buyers as much as £24,750 on the average property price of £163,000, reveals the annual Cost of Moving survey from The Woolwich. Over one-third of house buyers negotiate between 6% and 15% off the asking price. The cost of moving from a £150,000 home to one worth £200,000 […]

Home finance event will look to the future

UKValuation has announced the inaugural session of its 2004 Home Finance Forum Event in association with Mortgage Strategy magazine. The event, which brings together influential mortgage industry players from the lending, legal, surveying, insurance and broking sectors, will be held at Cranfield School of Management on April 23 in Bedfordshire. The day will be facilitated […]

Pensions - thumbnail

Financial advice can benefit customers by £40,000

New research shows those customers who receive financial advice can be better off on average by £40,000 We’ve sponsored a research project with the International Longevity Centre – UK (ILC-UK) to produce ‘The Value of Financial Advice’ report. This independent research demonstrates that customers who take financial advice can, on average, be £40,000 better off than those […]

Newsletter

News and expert analysis straight to your inbox

Sign up