Abbey, the popular and successful UK mortgage lender, is set to release a number of 100 per cent mortgage loans . The products will be on offer from June 13th, up to a maximum value of £500,000, with no higher lending charge. The rates, all above 6 per cent, will depend on the type of product and terms of loan .
Abbey are pitching the products at first-time buyers, with two-year tracker mortgages from 6.29 per cent, two-year fixed-rate mortgages from 6.35 per cent, and three and five year fixed mortgages at 6.99 and 6.79 per cent respectively.
The head of intermediary sales at Abbey, Ricky Okey, reportedly commented: "Like most things, this is answering a market need. We know the kind of pressure that first-time buyers are under."
He concluded: "Through our developing affordability measures we are able to do this in a way that can continue to respond to circumstances and will be sustainable over the long term. We have a responsibility to lend what people can afford, as they have a responsibility to tell us their circumstances. We are not in the business of writing bad loans."
Abbey will launch new 100 per cent mortgages
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Abbey will launch new 100 per cent mortgages
Mon, 11 Jun 2007
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