Abbey for Intermediaries (AfI) has announced it is launching a mortgage range for brokers which offers free legal and valuation services.
The deal, which the lender says is the first of its kind to be offered to brokers, is estimated to save customers as much as £1,650 in upfront costs as they will not have to pay for a valuation or their legal costs when buying a home.
The new ‘Homebuyer Plus' product range includes a 3.29% two-year tracker at 75% LTV, a 3.99% two-year fixed-rate at 70% LTV, and a 5.99% three-year fixed-rate at 85% LTV.
Ricky Okey, AfI managing director, says the product offers consumers a massive saving in upfront fees and brokers the competitive advantage they have been asking for.
Dev Malle, group sales director at Personal Touch, says the range is a significant boost to both the market and intermediaries.
"The Homebuyer Plus range could not have been better timed and a unique free legal package or cashback option for the client purchasing a property will be an important differentiator," he says.
"Early feedback from our membership has been very positive and it is this type of lender action that will help the market place, the consumer and the intermediary."
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