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Abacus announces free valuations on adverse products

Abacus Permanent has announced that for a limited period it will offer free valuations across its entire adverse product range. The offer will run until December 31 and will be available on a range of products including the Abacus Future 100% with 5.08% two-year London Inter Bank Offered Rate, no overhang and no MIG.

The Abacus Synergy 90% self-cert two-year fixed with 6.30% two-year fixed and no overhang and up to 90% LTV is also included in the deal, along with the Abacus Rooftop 90% self-cert stepped light with an initial pay rate of 5.07%, no overhang or MIG and up to 90% LTV, available for first-time buyers and remortgages.

The Abacus Victoria is also included in the deal with rates from 4.62%, dependant on LTV and adverse, and non-standard construction types considered with 5 x joint income multiple. So is the Abacus Rooftop heavy adverse 70% self-cert remortgage with 5.58%, a 2% discount for one year, three years early repayment penalty, up to 70% LTV and is sub-prime to sub-prime refinancing with unlimited arrears and no reference required.

Marc Turner, head of sales at Abacus Permanent, says: It is great to be in a position whereby we can offer this terrific incentive and especially on our adverse range. This will be of huge appeal to that particular area of the market in so much as it will enable customers to apply for their mortgage without being stung by a large initial outlay.

The Abacus adverse range is funded by some of the industries specialist lenders including Future Mortgages, Mortgages PLC, Platform, Preferred, Rooftop and Victoria Mortgages.

Paul Hunt, head of marketing at Platform, says: Such an initiative is great news for borrowers and we are delighted that Abacus are launching this offer across our range of products. With sub-prime two-year fixed rates with no early repayment charge overhang starting from 5.75% plus a free valuation, we expect Abacus to receive a lot of interest from intermediaries.

Alison Beech, sales and marketing director at Rooftop, adds: Upfront costs for the adverse remortgage market are often a concern for borrowers and intermediaries. Rooftops range boasts unlimited heavy adverse products with no proof of mortgage payments required, even when remortgaging from a sub-prime lender, including a capped rate at 6.99% for three years. Im certain this free valuation offer will complement these products and be of significant interest to introducers.

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