Abacus launches revised prime product range

Launched originally in November 2002 Abacus has now made further improvements to its prime range following constant dialogue and feedback from intermediaries. These improvements include the introduction of four market leading rates, the biggest self-certification cashback on the market, the removal of all mortgage indemnity guarantees (MIGs) and no redemption penalties following the benefit periods.

In addition Abacus Permanent has introduced a flat valuation fee. Many other lenders charge a valuation fee according to the value of the property i.e. a three bedroomed semi in Newcastle can cost a lot less to value than a three bedroomed semi in London, even though the properties are the same in size. Abacus has introduced a competitive flat fee of £245 (£295 for buy to let) which is payable on application. However, Abacus will refund all valuation fees on completion of the mortgage resulting in free valuation for all mortgages that complete.

Marc Turner, head of sales at Abacus Permanent commented: "When we launched Abacus nine months ago we stated that we wanted to be in tune with the needs of intermediaries and their clients and adapt our service and product range accordingly. The launch of our revised prime product range reflects this as it is through listening to customer feedback that we have introduced these key product developments."

Market-leading products included in the new range are:

3.80% discount off SVR until 31 July 2004 with a market-leading pay rate of 1.99% APR for standard purchase and remortgage at up to 95% LTV

Three market-leading buy to let rates at up to 85% LTV:

o 3.74% - bank base rate plus 0.24% for 12 months plus 1.35% for 24 months

o 4.35% - bank base rate plus 0.85% for 36 months

o 4.59% - fixed for 36 months

Largest cashback for a self-certification mortgage on the market (1%). With a rate of 4.60% bank base rate plus 1.10% for 36 months, followed by 1.50% for 12 months

Launched in November 2002, Abacus Permanent deals exclusively through the intermediary market and offers the benefit of a personal service as well as up to the minute technology and competitive procuration fees. All cases are individually underwritten and intermediaries can just pick up the phone and get straight through to the underwriting team with any queries.

Intermediaries can call 0845 330 4128 for more information or visit the Abacus Permanent website at www.abacuspermanent.com