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TMA launches new mortgage

Wed, 19 Nov 2008

The Mortgage Alliance has launched a new two year fixed rate product funded by Abbey for intermediaries .

Described as semi-exclusive, the product has an initial rate of 4.39 per cent which remains the same until February 2nd 2011, after which it reverts to Abbey's standard variable rate .

The mortgage is on offer to customers with a loan to value of up to 60 per cent and for a maximum loan size of £550,000.

Phil Whitehouse, head of TMA, stated that although the mortgage market is still tough, it is starting to improve.

"There are positive signs and we are beginning to see light at the end of the tunnel for funding issues in the mortgage market," he said.

Yesterday, Al Elliot, a spokesperson for the Homeowners Advice Centre, stated that people who are not able to find a remortgage deal straight away might not end up paying as much as they did in the past.

This is because recent falls in the Bank of England base rate have led to SVR mortgage being cheaper, he explained.
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