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Abbey brings back range of flexible mortgages

Abbey is reintroducing its flexible plus mortgage range after having to suspend the products in the run-up to M-Day.

The four basic products within the range start at a 4.24 per cent variable rate tracker reverting to base rate plus 0.75 per cent.

The products were taken off the market as the changes required for mortgage regulation were too far-reaching for the company.

Abbey says it focused its efforts on its core mortgage range to ensure that intermediaries could access accurate KFIs.

Abbey says it had always planned to issue a restricted loan range after October 31 and phase in the rest of the plans.

Media relations manager Christine McAllister says: “I think the short delay in making flexible mortgages available after M-Day underlines our commitment to our intermediaries with compliant and accurate KFIs.”

Mortgageforce managing director Rob Clifford says: “We analysed take-up on general mortgages eight months ago and had a staggering 25 per cent of flexible mortgage cases going through Abbey.

“Given Abbey’s brand and range of products, it is inev-itable that we welcome them back but in an overcrowded market, we would have been able to go elsewhere.”


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