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Abbey launches adviser-only range

Abbey for Intermediaries has launched a adviser-only mortgage range that will be the first in the intermediary market to offer free legal costs and valuation.

AfI says this will save adviser’s clients as much as £1,650 in upfront costs, but all the deals also demand a £995 booking fee. Abbey says it will also save borrowers like first-time buyers from finding their own solicitor, especially if they have never appointed one.

The ‘Homebuyer Plus’ product range includes a 3.29 per cent, two year tracker at 75 per cent LTV, a 3.99 per cent, two year fixed-rate at 70 per cent LTV and a 5.99 per cent, three year fixed-rate at 85 per cent LTV.

Abbey for Intermediaries and Alliance & Leicester Intermediaries Sales managing director Ricky Okey says: “This is the only product of its kind to be offered in the intermediary market. As it is exclusive to brokers, it not only offers customers a massive saving in up front fees, but also offers brokers the competitive advantage that they have been asking for.”

Personal Touch Financial Services group sales director Dev Malle says: “At a time when product innovation was almost non-existent, it is a significant boost to the market and in particular intermediaries that Abbey have read the market and delivered an excellent portfolio of purchase products.”

Positive Solutions mortgage manager Paul Rignall says: “In what has been an extremely difficult time for the market and in particular the intermediary sector, to have this range exclusive to the intermediary market will, I’m sure prove to be a real shot in the arm.”

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Abbey (not) For Intermediaries
    Hopefully not too many of my peers will duped into bed with Abbey only to lose their client to Abbey’s (not) for Intermediaries retention policy.

  2. SERVICE
    It is a positive step from Abbey – will there processing cope with the business ??? I dont think they are coping at the moment? although I am not sure they care???

  3. Free Basic Valuation’s are not always right for the client
    It is great that such incentives are being promoted but in doing so many customers are being put at risk by not being given the option of a Homebuyers report. If you choose the Abbey for a free valuation then the customer will end up paying both valuation and survey fee if chooses a Homebuyer report. The cost of valuation needs to be discounted from the Homebuyer price cost.

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