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AfI launches broker exclusive 90% two-year fixed-rate

Abbey for Intermediaries is to launch a broker-exclusive two-year fixed-rate mortgage with a loan-to-value of up to 90 per cent.

The mortgage will be available from April 23, with an interest rate of 6.75 per cent and a £495 booking fee.

An Abbey for Intermediaries spokesman says: “This product represents another step in our commitment to offering higher LTV products in the intermediary market. We now offer a range of competitive mortgages at 80 per cent LTV and above and expect to further develop our higher LTV offering in the future.”

London & Country head of communications David Hollingworth says although the rate may not be very attractive, the fact Abbey is putting higher LTV products through brokers is positive.

He says: “I think it is great that they are looking to put some higher LTV products out into the broker marketplace – that has got to be welcomed.

“Perhaps some of the shine has been taken off by how high the rate is. But when they get a feel for the demand, they might do some rate chopping.”

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Comments

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

  1. I wonder if this is another bid to make Abbey look good but offering a duel priced product far superior direct. Cynical I know but hardly surprising given recent lender behaviors.
    I will be keen to see direct propositions by comparison.

  2. Steven. They haven’t got a 2 year deal direct but do have a 3 year deal on the same terms fixed at 5.99%

  3. I stand corrected – the direct deal is fee free.

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