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Abbey launches variable tracker

Abbey has launched a low rate variable tracker mortgage offering a discount of 0.31% off the Bank of England base rate.

The two-year tracker mortgage, set at 4.19%, is available to all new Abbey customers. A remortgage solution is also available on a two-year variable tracker deal at a rate of 4.49%. The deals each offer the option to add the arrangement fee of (£499 to the loan or pay it upfront.

Abbey is also introducing the Home Buyer Solution – a package of benefits to help customers with the cost of moving. This allows first-time buyers and home movers to take advantage of free valuation and legal fees. A similar benefits package is offered for remortgage customers.

In addition, Abbey has made changes to help simplify the range by removing the 90% LTV lending band. All rates traditionally based on 90% LTV will now be lifted to cover 95% LTV. The 75% LTV band remains unchanged.

Ambrose McGinn, director of Abbey for Intermediaries, says: “The tracker rates we&#39ve introduced are impressive and I&#39m sure they will appeal to a wide range of borrowers. However, it is just as important that advisers draw customers&#39 attention to the additional benefits on offer.

“The Remortgage Solution and Home Buyer Solution each add great value to the already competitive rates. We are confident that intermediaries can find a product package that fits the needs of their clients in this range.”

The Remortgage Solution and Home Mover Solution are available throughout the Choices range.

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