The free valuations will apply to property values of up to £500,000 and the range of mortgages includes self-certification prime, near-prime, light, medium, heavy and fast-track non-conforming deals. Rates begin from 6.19 per cent for a two-year fixed deal and Abacus will lend up to 90 per cent loan-to-value. The range also benefits from no overhang, no higher lending charge and a £895 completion fee.
Gavin Treacy, head of sales at Abacus Permanent, commented: “We all know that the current market is very difficult for both intermediaries and consumers and they need all the assistance that lenders can give them. These products now have both competitive rates and no upfront fees. Anything we can do to help our customers is a positive step in the right direction and that includes giving brokers the products they need and the service they deserve.”
Roy New, a London-based sole broker, commented: “Abacus is obviously trying to capture more business from intermediaries not currently using it, but I think across the board lenders should be looking at rates and dropping upfront fees, than these gimmicks. If they drop upfront fees and try to make the mortgage products better, they will get the market share.”
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