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Abbey launches new £2m broker-only deals

Abbey for Intermediaries is launching two new larger loan products up to £2m, available exclusively to the intermediary market.

They are a two-year fix at 3.24% with a 0.40% fee and a two-year tracker at 2.85% , base rate plus 2.25%, with a 0.40% fee.

The products are available up to 70% LTV with a loan size of £1m to £2m, and both homebuyers and remortgagers can take advantage.

Alan Mathewson, managing director of Abbey for Intermediaries, says: “We are pleased to be able to support the intermediary market with the launch of these highly competitive larger loan products, available exclusively to the intermediary market.

“We expect these new deals to be very well received by intermediaries whose clients are looking for a larger loan product at a great rate.”

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  • Avenue & Co Private Finance 12th November 2010 at 4:36 pm

    ..welcome news from Abbey – but perhaps not enough?

    The savvy big earners dont want fixed rates for just 2 yrs and we have at least 4 private bank deals that offer between BBR + 1.69% to BBR + 2.50% at 70% LTV – with no ERP’s or ERPs only for 2 yrs, and less than 0.5% arrangement fees, offering interest only with no ERP’s.

    ..It would be interesting to see if Abbey will accept Interest only at 70% LTV and how they view bonuses and commissions. The private banks can take a more flexible approach to underwriting too – often taking over 75% of regular bonuses.

    …a good broker will know this deals can be beaten hands down, but the announcement is welcome news for brokers – (As long as they dont dual price again!)

  • James Ball 12th November 2010 at 1:03 pm

    Agreed it is very good to see let’s hope some other mainstream lenders follow suit, I think the fees are in line with private banks and Woolwich who offer larger mortgages.

  • Richard 12th November 2010 at 12:13 pm

    Keen rates and glad to see the loan size. Fees are the dreaded percentage fees but still are cheaper than majority of Private deals and so this could make it more competitive as the Private Banks have had the run of the large loan deals for a while now since BOS Large loan and the rest curbed the lending in this area. Good to see..!