Abbey for Intermediaries and A&L to merge to form one brand
Alliance & Leicester mortgage applications will continue until this date, except for borrowers applying for deals with a loan to value higher than 75%, which have until the end of today to go through.
Alan Mathewson, managing director of intermediary distribution and Santander Private Banking, said: “Consolidating our intermediary mortgage business through the Abbey brand will enable us to align our product offering and increase efficiency. Our number one priority at this time is improving our service levels and focusing all our resources on one brand will help us achieve this quickly.”
Abbey for Intermediaries is offering an additional 0.02% for all new Abbey business placed between 5 August 2010 and 31 October 2010 to incentivise brokers to use the Abbey branded products.
Abbey for Intermediaries is also launching a 2-year fixed rate through its key account partners tomorrow, offering a rate of 3.90% with no fee and available up to 75% LTV to homebuyers. The product, which has a maximum advance of £550,000, comes with a free basic valuation and £250 cashback on completion for homebuyers. Abbey estimates that over 90%of the intermediary market will be able to access it.
Mathewson added: “Abbey for Intermediaries is a strong brand whose commitment and support to the intermediary market has never wavered over the difficult years. We believe the integration of our intermediary offering will help us provide the service and product offering to enable us to become the intermediary lender of choice.”
The lender said it will be announcing other enhancements to its product range over the coming months.