View more on these topics

Abbey for Intermediaries extends completion deadlines

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&#39s aim to provide mortgage choices that meet the needs of individual customers. ”

Recommended

Remembering Chris Perrott

From Brian LentzIt was with sadness that I read of the death of former IFA Chris Perrott. He was an example and an inspiration because, in the face of illness and suffering (in 1997 he was given a year to live when diagnosed with multiple myeloma, a bone marrow cancer that destroyed both his kidneys […]

Abbey should learn from the BM website

During last week the upward trend in swap rates of the past month continued, making it unlikely that any lenders will price downwards unless their treasury departments are feeling brave and have deep pockets. • One-year money is up 0.07% to 4.71%• Two-year money is up 0.08% to 4.84%• Three-year money is up 0.08% to […]

Variable rate borrowers bracing for interest rate rise

Millions of mortgage borrowers will ultimately suffer whatever the decision the Bank of England makes on base rates this week, says MyMortgageDirect. The company says that standard variable rate mortgage borrowers are this week bracing themselves for a widely tipped 0.25% rise in the Bank of England base rate. Taking the base rate to 4.25% […]

SPML extends fixed rates by six months

Southern Pacific Mortgage Limited has extended its fixed rates on standard, large loan, let-to-buy and Right to Buy schemes by six months to September 1 2005. Fixed rates on these schemes start from 5.99%. The current discount offer on SPML&#39s Right to Buy scheme D has also been increased by 1% to 1.75%, while the […]

Newsletter

News and expert analysis straight to your inbox

Sign up