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Abbey Nat revamps loans after flood of applications

Abbey National has been forced to make changes to its mortgage range after

falling weeks behind in processing loan applications, claim IFAs.

They say the UK&#39s second-biggest lender has tweaked its market-leading

mortgages to make them less attractive after months of being flooded with

applications from IFAs.

The discount rate mortgage has recently had its free legal fees and free

valuation incentive removed while fixed rates have been raised.

London & Country – which says Abbey applications are at least two weeks

behind – claims the products have been toned down to clear the backlog.

Abbey claims it may take a double-digit slice of the mortgage market this

year – its biggest share for five years and up significantly on last year&#39s

8 per cent. It says it is winning new business from rival lenders with less

competitive rates.

An Abbey spokeswoman says: “We are experiencing record levels of business

at the moment and we are up to our limit on service standards.”

Regency Financial Management partner Bryn Walker says: “We have

experienced delays because Abbey&#39s products suddenly became competitive and

everyone applied.”

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