Abbey for Intermediaries (AfI) now offers a key account exclusive 3.65 per cent, two year fixed rate mortgage at 70 per cent LTV with a £995 booking fee. The new product is available to any customers (both homebuyer and remortgage) who have an existing Abbey bank account, which has at least one active direct debit and receives a deposit of more than £1000 per month.
Available through all 21 of AfI’s key account partners, it is estimated that over 90 per cent of the intermediary market will be able to access these products.
Ricky Okey, Managing Director of Abbey for Intermediaries said: “This is a perfect way for us to reward the loyalty of our bank account customers while giving brokers access to market leading products. We are keen to demonstrate that we are willing to think innovatively when it comes to product design and we expect the market to respond well to this new proposition”.
A number of those key accounts who have access to the new product have responded to the launch:
Ben Thompson, Director of Mortgages at Legal & General said: “We have been in discussions with many lenders about similar styled products, but Abbey are the only ones to have backed up their claims and brought the product to market. Intermediaries have been asking for fresh ideas to help re-stimulate the market and drive competition, this product definitely meets those criteria”.
Sally Laker, Managing Director, Mortgage Intelligence Holdings comments: “Abbey are a continually innovative lender and their latest intermediary only Bank Account exclusive deal reflects just that. This product makes a great addition to any adviser’s client offerings, enabling them to benefit from a holistic approach to their mortgage and finances plus have access to an extremely competitive rate”.
In addition, Abbey for Intermediaries is also making changes to the design of its affordability calculator and how it is used through the Introducer part of its website.
Ricky Okey, added: “We are re-shaping our affordability calculators in response to broker feedback. We wanted them to become more user friendly and ensure that they are more closely linked to our lending criteria and offer even more accurate and robust decisions. We believe these changes will be more in tune with the needs of the broker”.
For more information, intermediaries should log on to www.abbeyforintermediaries.com or telephone 0870 6000 367.