The semi-exclusive product has an initial pay rate of 4.39% until 2nd February 2011 when it will revert onto Abbey’s standard variable rate (SVR) which currently stands at 5.44%.
It is available for all customers with a loan-to-value (LTV) of up to 60% and a maximum loan size of £550,000. The product comes with a total booking fee of £495, a product early redemption charge (ERC) of 3% and no higher lending charges. The annual percentage rate (APR for the product is 5.4%).
Phil Whitehouse, Head of TMA, commented: “As bank base rates continue to fall it is great to see lenders passing on these cuts onto borrowers and we are delighted to be in a position to help brokers benefit their client’s needs by having access to such leading products.
“The market remains tough but, thanks to government intervention and the acknowledgment by world economies that action needs to be taken, there are positive signs and we are beginning to see light at the end of the tunnel for funding issues in the mortgage market. TMA will continue to work hard on behalf of our members to establish strong distribution channels and keep on adding value to propositions.”
