The product, which is available through Abbey branches and over the telephone, has a fee of £995 and comes with either the Homebuyer Solution or Remortgage Solution. The Homebuyer Solution offers a free valuation and £250 cashback on completion to purchasers, and the Remortgage Solution offers a free valuation and free legals to remortgagers.
To reward loyal customers, Abbey is also launching a highly competitive four-year fix for existing current account customers with a rate of 4.99 per cent and no fee, which is available up to 75 per cent LTV through branches and over the telephone. The product also comes with either the Homebuyer Solution or Remortgage Solution.
Meanwhile, Alliance & Leicester continues to offer its best-buy two-year tracker up to 75 per cent LTV, with a rate of 2.95 per cent and a fee of £495, for customers looking for a highly competitive variable deal.
Nici Audhlam-Gardiner, mortgage director at Abbey and Alliance & Leicester, commented: "At a time when many borrowers are looking for the peace of mind provided by a fixed rate mortgage, we are delighted to launch a market leading four-year fix available up to 85 per cent LTV through Abbey, and a highly competitive, fee-free four-year fix to reward loyal current account customers. For borrowers looking for an attractive tracker mortgage, Alliance & Leicester continues to offer its best-buy two-year tracker with a great rate of 2.95 per cent."
Abbey has also launched two new products which are available exclusively to staff who work for UK universities sponsored by its Santander Universities programme.
It has launched a three-year fix at 4.59 per cent with a fee of £495, which is available up to 75 per cent LTV for remortgage customers and comes with the Remortgage Solution. A five-year fix with a rate of 5.59 per cent and a fee of £495 is available up to 75 per cent LTV to homebuyers and comes with the Homebuyer Solution. Both products are available to university staff through the Abbey branch on their respective campus.
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