Abbey revamps mortgage range
Since then, the mortgage market has changed significantly, and Abbey National's new portfolio reflects this. The changes also follow the recent Ombudsman ruling on an Abbey National mortgage case, after which the bank withdrew its Classic base rate tracker.
Key changes to the range include:
• Redesigned mortgages for distinct customer groups: first-time buyers; and remortgagors;
• Two options for customers: upfront deals that revert to Abbey National's standard variable rate at the end of the benefit period; or fully flexible mortgages linked to Base Rate;
• New lower rates
• Continued policy of no extended tie-ins.
Commenting on the changes, Janet Connor, Abbey National's retail marketing director, said: “Our new range is clear, simple and straightforward, yet provides plenty of choice and great value for every type of buyer and remortgagor. The portfolio has been re-designed to better meet customer needs, and now focuses on distinct customer groups, namely first-time buyers and remortgagors. We are committed to providing a wide range of competitive products for all our customers, and as such, the new range offers a range of best-buy fixed and variable tracker rates which we expect to be particularly popular.”