The semi-exclusive product has an initial pay rate of 3.69% until May 2 2012 after which it will revert onto Abbey’s SVR which currently stands at 4.24%. The product is part of AfI’s ‘Homebuyer Plus’ range which offers free standard legal work and a free valuation for mortgage purposes.
It is available for all customers with a LTV of up to 70% and a maximum loan size of £1,000,000. The product comes with a total booking fee of £995, which can be added to the loan, a product ERC of 3% and no higher lending charges. The APR for the product is 4.3% and a completion deadline of July 30 2010.
Phil Whitehouse, head of TMA, says: “We are gradually seeing more products become available through intermediaries and whilst there is still some way to go when combined with increasing LTV levels the signs for 2010 are looking pretty positive. As a forward thinking mortgage club we will continue to work hard to offer brokers greater choice and help them address their client’s needs by offering access to a range of leading products.”