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's 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's
8 per cent. It says it is winning new business from rival lenders with less
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's products suddenly became competitive and