There are many advantages to using the services of an independent financial adviser or a loan broker when looking for a new personal loan or home owner loan, from being advised on the best type of loan for your particular needs, to finding the most suitable cheap loan deal on the market and even having someone to help fill in the paperwork associated with a loan application.

The other main reason for using a loan broker is due to the exclusive deals offered by many lenders. The Abbey have just launched a range of home owner loan products which will only be available through an intermediary or loan broker.

The new loan products from Abbey will all feature the benefit of free legal costs and also a free valuation on the property to be bought. Abbey believe that this alone could save individuals who are purchasing a new home somewhere in the region of £1,650 in initial fees.

Clearly, this is a large advantage for first time buyers particularly, who usually need every last penny they can get their hands on when applying for their first home owner loan. The Abbey will also appoint a solicitor to carry out the free legal work, which is another advantage for many potential purchasers who do not already have their own solicitor, although most advisers and loan brokers are able to recommend a suitable solicitor to their clients.

The new loan products include a two year tracker at 3.29 per cent to 75 per cent loan to value, a 3.99 per cent two year fixed to 70 per cent loan to value and a 5.99 per cent three year fixed to 85 per cent loan to value.

Ricky Okey of the Abbey said “This is the only product of its kind to be offered in the intermediary market. As it is exclusive to brokers, it not only offers customers a massive saving in up front fees, but also offers brokers the competitive advantage they have been asking for.”