Both semi-exclusive products have an initial variable pay rate of 3.49% until the 3rd anniversary of the deals and track at 2.99% above base rate. After which they will revert onto Abbey’s standard variable rate which currently stands at 4.24%.
The deals have a loan-to-value of up to 80% and a maximum loan size of £550,000. The product comes with a total booking fee of £995, which can be added to the loan, a product early redemption charge of 2% and no higher lending charges. The annual percentage rate for the product is 4.3% and there is no product completion deadline.
The remortgage product includes a free valuation (up to a maximum property value of £2.5m) and standard legal fees paid. It also comprises of standard legal fees ERC (max £200) repayable to 2nd June 2012
The homebuyer product also includes a free valuation (up to a maximum property value of £2.5m) and a £250 cashback. It also comprises of a £250 cashback ERC repayable to 2nd June 2012.
Phil Whitehouse, head of TMA, commented: “In light of the recent MPC decision to hold the Bank of England bank base rate at 0.5% these semi-exclusive tracker deals from AfI stack up well within the intermediary marketplace. It’s a positive sign to see LTV levels on these semi-exclusives at 80% and when combined with stamp duty reforms this will help to stimulate the first time buyer market which remains a vital cog in the mortgage wheel. Of course it’s also important not to forget remortgage customers and it is a welcomed sight to see lenders releasing semi-exclusive deals via their key accounts and at TMA, we invite brokers to take full advantage of these great offerings.”
