Abbey for Intermediaries has launched a new three-year fixed rate mortgage exclusively for first-time buyers.
The three-year fixed rate product is available at 5.69 per cent and for a £495 fee. It comes with the lender’s “homebuyer solution”, which offers borrowers free basic mortgage valuation and £250 cash back on completion.
AfI has also reduced the rates on some of its fixed and tracker products by up to 0.20 per cent. The reduction include a two-year fixed at 70 per cent LTV and 3.25 per cent, down from 3.45 per cent, and a two-year tracker at 70 per cent LTV which has been reduced from 2.69 per cent to 2.59 per cent.
Other changes AFI is making include increasing the LTV on its two-year fix for homebuyers from 60 per cent to 70 per cent LTV as well as reducing the fee on its two-year fix at 2.99 per cent, available up to 70 per cent LTV exclusively to current account holders, to £495.
AfI managing director Alan Matthewson says: “Our latest rate cuts demonstrate our ongoing commitment to supporting intermediaries by consistently offering highly competitive mortgages to help them meet the needs of their clients.
“As well as cutting rates by up to 0.20 per cent, we have also launched a number of new deals, including an exclusive first-time buyer mortgage to support borrowers trying to buy their first home.”