The prime range offers three products - a variable rate at the base rate plus 0.70% until 31 January 2006 and two fixed rates, one at 4.35% for 12 months and the other at 4.99% for 24 months.
All the prime buy-to-let products offer procuration fees of 0.4%, there are no mortgage indemnity guarantees or overhang on charges and all products offer maximum LTVs of 85%, but are not available to first time buyers. The minimum loan across this range is £15,001 for purchase and £25,001 for a remortgage.
The sub-prime range can be tailored to clients' individual circumstances with discounts of 1.5% for 12 months and starts at LIBOR (3.75%) plus 2.75% (5.00% including discount) for light adverse customers with CCJs of up to £3,000. The sub-prime products offer procuration fees of 1.25% on loans up to £250,000 and 1.5% on loans greater than £250,000 and they are available to a maximum LTV of 85% for clients with light, mid and unlimited adverse credit histories, including first time buyers. Abacus will also refund the valuation fee minus the administration fee of £75 on sub-prime cases below 75% LTV.