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BOI-backed AA launches direct-only mortgages to members

by: Mortgage Solutions
  • 23/08/2016
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BOI-backed AA launches direct-only mortgages to members
Emergency breakdown service the AA is offering fixed and tracker for term mortgages at up to 90% loan-to-value (LTV) exclusively to its paying members, funded by the Bank of Ireland.

The no product fee two, three, four and five-year fixed rate range is offered online or via telephone channels.

Rates start at 2.08% for a 60% LTV two-year loan term and 2.67% for a five-year term with a variable revert to rate of 4.24% on all loans.

The AA’s home emergency and central heating emergency and repair cover are included in the package free for 12 months. Members will also receive a 15% discount on AA home insurance, but new customers will have to buy breakdown cover if they do not already have it.

Members are being offered a ‘mortgage MOT’ number to call a team of ‘experts’ to see if they could save money from the AA range.

AA research suggested the average member has been on the same mortgage deal for over five years, and over a fifth have not reviewed their mortgage for more than 10 years.

Michael Johnson, director of financial services at the AA, said: “This mortgage range has been developed to respond to the needs of our members. We want to help our members by removing hidden costs and providing simple, straightforward mortgages, with all standard upfront fees included.”

The AA already offers credit cards, savings accounts, cash Isas and personal loans in partnership with Bank of Ireland.

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