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Brokers wait for Abbey to reprice exclusives

Mortgage brokers are expecting it to be several weeks until Abbey offers its 27 national key accounts new exclusives after withdrawing them last week.

The company says it will be readjusting its prices after withdrawing all its exclusives. It says it will offer new exclusives to its national key accounts and stresses it is not a permanent withdrawal.

Premier Mortgage Service managing director John Malone says the volatility in the money markets has reached such a point that products can no longer be guaranteed.

He says: “We have gone from over-supply to under-supply of funding in a very short space of time. We may find that we will have to wait an extra few weeks before we sit down with Abbey to discuss exclusives.

“It is a tough market. Out of all the lenders, Abbey are the most open for business in a healthy way.”

Hamptons managing director Jonathan Cornell says: “I was not particularly chuffed with the way that Abbey handled it. They should provide brokers with more precise information.”

An Abbey spokesman says: “We have taken this move as a result of seeing high demand from the business generated through our exclusives and we want to ensure we are correctly priced to bring in a level of business that we can serve with full confidence that we will offer great service levels.”

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