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Lender says...

The Mortgage Alliance has launched a three-year semi-exclusive fixed rate product funded by Abbey for Intermediaries.

The semi-exclusive product has a rate of 6.39 per cent and is only available for remortgage customers.

The product is available up to 60 per cent loan-to-value with a maximum loan amount of £550,000.

The deal comes with free valuation up to a property value of £2.5m and standard legal fees paid with no higher lending charges.

The three-year fixed rate has a total booking fee of £999 with £150 of this to be paid upfront and the balance can then be added to the loan.

Phil Whitehouse, head of The Mortgage Alliance, said: "The launch of this product provides great news for TMA's directly authorised members and selected strategic partners who will have access to this remortgage product.

"With so many customers coming off fixed rate deals and looking to secure a competitive rate I expect this product to prove popular."

Adviser says...

Sarah Gwilt, mortgage associate of Birmingham-based IFA Essential Money, said: "The rate is not bad but at 60 per cent LTV they are cutting out a lot of borrowers. They are obviously just after low LTV business.

"Cheltenham & Gloucester have a five-year fixed at 6.29 per cent up to 75 per cent LTV."

Rating: 3/5 stars