The Abbey National announced rate cuts on some of its mortgage products at the weekend as well as bringing out two new fixed rate mortgage offers.
Some of the Abbey National two year tracker mortgages have seen rate reductions of up to 0.2 percent, with the lowest introductory rate now standing at 6.04 percent. One of the new mortgages offered by the Abbey is a 10 year fixed rate mortgage, with a lowest rate available of 6.25 percent.
An Abbey National spokesman explained that it was the strength the big high street name had in the mortgage market that made these rate cuts possible. The bank also feels that the 10 year fixed rate mortgage is going to prove very popular, combining as it does an attractive interest rate and a long fixed term period.
In what is understood to be a unique agreement, the IFS School of Finance has agreed to train and provide accreditation for all underwriting staff at Abbey National.
All underwriting staff will have a choice of two levels of training, Certificate or Diploma. The Certificate level course will be achieved in conjunction with the Abbey National certificate in underwriting and provide a customer services professional level qualification. The Diploma is more suited to those aiming for more senior roles and will involve the Applied Diploma in Corporate Banking.
These developments are sure to make the whole operation better in the future, leading to an improved experience for anyone buying an Abbey National mortgage or any form of insurance for which underwriting is needed.
Legal and General has brought a new tracker mortgage to the market, with a maximum loan to value of 75 percent.
The mortgage does have a GBP999 arrangement fee, though this can be added to the mortgage value. There is also an offset facility at no extra charge and, for those looking for a remortgage there is a separate package or a cash return. In a quiet mortgage market Legal and General hope that this particular approach will generate considerable interest.
A spokesman from the company said that this particular tracker mortgage option would be perfect for someone with equity in their property and a balance of money that could be offset against the home loan. Legal and General are happy to answer any queries regarding the tracker mortgage, inviting people to get in touch either on line, by phone or at their local branch.
