After 3 months the rate increases to 4.25% (4.4% APR), and tracks the Bank of England base rate by +0.75% for the remaining term of the mortgage. The special offer is available up to 90% loan to value (maximum credit limit of £250,000) and with no redemption penalties or tie-in periods.
This product is an ideal solution for remortgage clients who can take advantage of no legal fees and free valuation (up to £1,100). The option to add the £299 arrangement fee to the loan means that clients need have no initial outlay.
As well as offering an attractive rate, Flexible Plus allows intermediaries to tailor a mortgage to meet their clients’ individual needs today with the in-built flexibility that means it can be adapted to meet changes to their lifestyles and circumstances. Including the ability to:
- make overpayments and underpayments;
- take payment holidays; even
- off-set savings against the mortgage to reduce the amount of interest charged on the mortgage balance.
For intermediaries with clients in the higher rate tax bracket, the opportunity to enjoy tax free savings by investing savings in the mortgage, rather than paying tax on the interest earned, can add up to sound financial planning.
Jan Errington, Group Marketing Manager at Abbey National for Intermediaries said:
“Our new Flexible Plus offer matches what our research has highlighted as being of key importance. It is simpler and easier to understand than other offset mortgages, because unlike some lenders, our customers don’t have to move their current account to qualify. It also offers a fee-free remortgage solution, tax benefits, extremely competitive terms and enhanced procuration fees.”
Intermediaries can submit applications online using Abbey National’s interactive site for mortgage applications Introducer Internet www.introducers.abbeynational.co.uk for fully credit-checked Agreements in Principle in 60 seconds. Further information on Abbey National’s Flexible Plus mortgage is available from Abbey National for Intermediaries sales consultants.
