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've introduced are impressive and I'm sure they will appeal to a wide range of borrowers. However, it is just as important that advisers draw customers' 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.