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 the intermediary.
The new deadlines came into effect for applications made by intermediaries from March 15 2004.
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 fixed rate mortgage at a 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 the upfront costs by adding any arrangement fee to their loan.
Abbey has also extended its loyal mover discount to include flexible plus mortgages within the Mortgage Choice range. Existing Abbey mortgage customers who are moving home will now get a 0.05% reduction on their rate.
Ambrose McGinn, director of Abbey for Intermediaries, says: “These new features should be ideal for helping intermediaries offer customers exactly the kind of support they need when taking out a mortgage.
“Echoing some of the key principles behind the Miles review, Abbey has brought out a 15-year fixed rate, which aims to give customers more stability. This reinforces Abbey's aim to provide mortgage choices that meet the needs of individual customers. ”