Alan Mathewson, managing director of intermediary distribution and Santander Private Banking (UK), says: “Consolidating our intermediary mortgage business through the Abbey brand will enable us to align our product offering and increase efficiency. Our number one priority at this time is improving our service levels and focusing all our resources on one brand will help us achieve this quickly.
“Abbey for Intermediaries is a strong brand whose commitment and support to the intermediary market has never wavered over the difficult years. We believe the integration of our intermediary offering will help us provide the service and product offering to enable us to become the intermediary lender of choice.”
New Alliance & Leicester mortgage applications can continue to be submitted until October 15, although to assist the transition to one brand, it says it will be making some changes over the next few weeks.
The first of which is that it will no longer be accepting applications from new Alliance & Leicester mortgage customers over 75% LTV from close of business today.
Abbey for Intermediaries is offering an additional 0.02% for all new Abbey business placed between August 5 2010 and October 31 2010.
Abbey for Intermediaries is also launching a two-year fix through its key account partners tomorrow, offering a rate of 3.90% with no fee and available up to 75% LTV to homebuyers.
The product, which has a maximum advance of £550,000, comes with a free basic valuation and £250 cashback on completion for homebuyers. It estimates that over 90% of the intermediary market will be able to access it.
It says it will also be announcing other enhancements to its product range over the coming months.