Abbey launch semi exclusive tracker rate

Abbey have announced the launch of a Semi Exclusive mortgage deal available through intermediaries such as The Mortgage Warehouse.

The rate is a 5.84% tracker rate which will track at 0.84% above the Bank of England base rate for two years, after which the mortgage reverts to standard variable rate which is currently 7.09%.

The mortgage is available for loans up to £500,000 where the loan does not exceed a loan to value of 60% and the property value is no more than £2.5 million. In addition the mortgage has no higher lending charge or completion deadline and no early repayment penalty charges beyond 2nd July 2010.

"This is a great deal for those in the market to buy and underlines the support provided by Abbey to intermediaries in the market suffering from dual pricing by other lenders," commented Jerry Figueroa-Lee, Operations Director at The Mortgage Warehouse.

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