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Abbey changes offset deal and cuts rates

Abbey for Intermediaries is reducing its rates by up to 0.20% and changing its Flexi Offset offering on Tuesday.

The lender says borrowers taking out one of its Flexi Offset mortgages will now be able to capitalise their product fee if they wish to do so.

It says it will give intermediaries, and their clients who don’t want to pay the fee upfront, more choice.

The range includes a homebuyer product with a rate of 3.39% and a £1250 fee.

And there is a remortgage product with a rate of 3.49% and a £1495 fee. 

Abbey is cutting rates on a series of two-year trackers at 70% LTV and a two-year fix at 75% LTV.

All products come with either the Homebuyer or Remortgage Solution respectively.

The Homebuyer Solution offers borrowers a free basic mortgage valuation and £250 cashback on completion, while the Remortgage Solution offers a free basic mortgage valuation, and either free legals or £250 cashback on completion.

Alan Mathewson, managing director of Abbey for Intermediaries, says: “We have consistently supported intermediaries throughout 2010 with great rates and a strong product range, and we are pleased to end the year in the same way with our latest rate cuts and our enhanced Flexi Offset offering.

“We look forward to working closely with our intermediary partners in 2011, and to building upon the real improvements in service that we’ve made this year to enable us to become the intermediary lender of choice.”

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