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Abbey for Intermediaries

Type: Three-year fixed rate mortgage.

Description: This is a semi-exclusive deal in association with The Mortgage Alliance offering a three-year semi-exclusive fixed rate mortgage. The fixed rate is 6.39 per cent with a maximum loan- to-value of 60 per cent and maximum loan of £550,000. There is a booking fee of £999.

Conditions: There is a free valuation for properties up to £2.5m and free standard legal fees paid with no higher lending charges. An early repayment charge of 3 per cent applies during the fixed period. There are no tie-ins thereafter.

Contact: www.themortgagealliance.co.uk

Verdict: This three-year fixed rate of 6.39 per cent is competitive, although the LTV of 60 per cent is low compared to other offers available. So, while the rate is good, the low LTV and relatively high fee, plus a flat early repayment charge of 3 per cent - rather than a gradated ERC for each fixed year - may make this product less appealing to clients.

Rating: 2/5