Alliance & Leicester will cease to offer new mortgages from the 15th October when it rebrands to Abbey for Intermediaries.
Brokers will be eligible for a full proc fee when any of their clients takes a product from the Abbey Loyal Movers range.
AFI has also extended its ERC waiver for loyal movers to Alliance & Leicester customers. The waiver allows borrowers with less than six months remaining on their current deal to take a product from the Abbey Loyal Movers range and incur no ERC, as long as they borrow at least the same amount as their existing mortgage balance.
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The Abbey Loyal Movers range includes a 4-year fix at 4.75%, which has a £495 fee, is available up to 75% LTV and comes with the Homebuyer Solution, offering borrowers the added benefits of a free basic mortgage valuation and £250 cashback on completion.
The range also includes a 2-year fix at 3.99%, which has no fee, is available up to 80% LTV and also comes with the Homebuyer Solution.
Alan Mathewson, managing director of Abbey for Intermediaries, said: “We are delighted to announce the extension of both the Abbey Loyal Movers range to Alliance & Leicester customers, and the ERC waiver to Alliance & Leicester ‘loyal movers’.
“Both changes will benefit intermediaries by not only providing their clients with access to our highly competitive loyal movers range but also giving them the flexibility to take advantage of these products ahead of the expiry of their current mortgage term.”
AFI will be announcing other product enhancements shortly as part of the move to one intermediary brand.
