Provider: Abbey National
Product: ‘Lifestyle’ BBR + 1.00% LTV 95%
CAT- Mark: No
Customer response telephone number: 0800 100 800
Largest mortgage lenders ranked by Council of Mortgage Lenders 1999: Second
Bank base rate: 5.00%
Loading on bank base rate: 1.00%
Rate discount: No
Rate payable linked to bank base rate: 6% ‘ bank base rate + 1.00%.
Product available to homemovers: Yes
Product available to first time buyers: Yes
Product available for remortgage cases: Yes
Product available to existing borrowers moving home: Yes
Product available to existing customers who are not moving: Yes
Maximum loan to value allowed for house purchase: 95%
Maximum loan to value allowed for remortgages: 95%
Product available to self-employed only: No
Self-certification of income available: No
Right to buy: Yes up to 100% of discounted purchase price.
Shared ownership: Shared ownership is allowed up to 95% on share of purchase amount ‘ possible report on condition and valuation survey required.
Conditional buildings/contents required by lender: No
Conditional ASU required by lender: No
Interest rate loading if conditional products not taken: No
Ability to transfer product to new property without charge: Yes
Cashback available to borrower following completion: No
Refund/no charge for valuation report: All remortgage customers will receive a free valuation for mortgage purposes (up to a maximum of £340) with the added benefit that it is possible to choose either: The ‘hassle-free’ legal service, where the company will arrange and pay for the legal work involved in remortgaging to Abbey National (‘Abbey solicitors’) or a contribution of £250 towards legal fees, if the customer decides to use their own solicitor.
ASU/unemployment cover provided free of charge: No
Buildings/contents offered as an incentive: No
MIG fee is not charged/refunded/reduced: No
Part early redemptions are available with no penalty: No
Interest rest period: Interest is calculated daily and charged on a monthly basis.
Other incentives available to borrower: All Lifestyle products are flexible from day one.
Incentives: No early redemption charge/no MIG/no fees.
Procuration fee: No
Fees payable on application or completion: £150 arrangement fee.
Fee added to loan: No
Charge levied against borrower for early closure of mortgage: No
Distribution channel via branch network: Yes
Distribution available direct: Yes
Distribution available via direct telephone service: Yes
Distribution available via another channel: Yes
Minimum loan allowed on mortgage: £10,000
Maximum loan allowed on mortgages: Negotiable
Lending area restrictions imposed: Lends in England, Wales and Scotland.