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Mortgage lender boosts first time buyers

Tue, 22 Nov 2005

Abbey has launched two new mortgage deals which are likely to appeal particularly to first time buyers .

A two-year tracker mortgage is available at a mortgage rate of 4.74 per cent. The mortgage lender has also launched a fixed mortgage rate deal with a mortgage rate of 5.34 per cent over five years.

Both mortgages offer 97 per cent maximum loan to value, so first time buyers need to save only three per cent of the property value to pay as deposit.

Saving up for a deposit is one of the biggest challenges for first time buyers, according to the head of mortgage marketing at Abbey, Lal Tawney.

"With this in mind, Abbey has eased the pressure on first time buyers by requiring a deposit of just three per cent, which we feel offers more security than a 100 per cent mortgage and more flexibility than a standard 95 per cent mortgage ."

The range of services on offer at Abbey includes mortgages and savings , bank accounts , loans and credit cards , long-term investments including pensions and unit trusts, life, critical illness and unemployment cover and household insurance. It also provides offshore banking for expatriates.

Abbey is the UK's sixth largest bank by assets and the second largest provider of mortgages and savings in the UK.

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