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. “