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Online mortgages from Abbey Nat&#39s Cahoot offshoot

Abbey National&#39s internet bank Cahoot is to offer mortgages online for the first time from this week alongside its existing range of products, including credit cards, bank accounts and unsecured personal loans.

Abbey claims that as Cahoot is a low-cost distribution channel, the move to sell mortgages is in line with its aim of giving customers consistently good value-for-money products.

Initially, it will be offering a flexible mortgage fixed at 4.39 per cent for the first year, with an APR of 4.9 per cent for a trial period running until November 30.

The maximum loan-to-value is 90 per cent. There are no extended tie-ins and no compulsory insurance requirements. The loan is available to first-time buyers, movers and remortgage customers.

Remortgage customers will get a free valuation and can choose between a solicitor free of charge or £250 cashback if they want to use their own solicitor.

Cahoot marketing director Tim Sawyer says: “We pride ourselves on providing great value for our customers and this mortgage offer is no exception. With a fantastic up-front deal followed by a base rate tracker, customers get the best of both worlds.

“The mortgage has in-built flexible features, which are available from day one. This allows customers to benefit from facilities such as drawdown, payment holidays and overpayments, which will give customers freedom to manage their finances in a way that suits them.”

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