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Abbey offers fixed deals for NewBuy scheme

Abbey for Intermediaries has launched a range of products for the Government’s housing initiative NewBuy.

AFI is offering three and five-year fixed rates at 5.49 per cent and a seven-year fixed rate at 5.99 per cent. All three products are available for a £99 fee.

Only brokers who are on the panels of the four housebuilders AFI is dealing with – Barratt Homes, Berkeley, Bovis Homes and Persimmon – will have access to the products.

All products come with AFI’s homebuyer solution, which includes a free standard mortgage valuation and £250 cashback on completion.

The Government underwrites up to 5.5 per cent of the loan on newbuild properties while builders give 3.5 per cent to the lender to hold for seven years, after which it is returned minus any losses.

NatWest, Nationwide Building Society and Barclays were the only lenders taking part when the scheme launched in March although Halifax joined this month.

Less than two months after the scheme’s launch, all three of the initial lenders raised their rates.

John Charcol senior technical manager Ray Boulger says: “The free valuations and cashback will be a big help for those with a small deposit.”

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