Lal Tawney, Abbey's Head of Mortgage Marketing said: "One of the biggest challenges facing first-time buyers is raising a deposit for their first property, with the average standing at around £16,000* compared to just £5,500 five years ago. With this in mind, Abbey has eased the pressure on first-time buyers by requiring a deposit of just 3%, which we feel offers more security than a 100% mortgage and more flexibility than a standard 95% mortgage. For an average first-time buyer property of around £160,000, this would mean a difference of £3,200, which is a significant amount, even if you are saving with a partner or friend.”
Abbey’s new 97% mortgages are available from 23 November 2005:
Term Maximum LTV Rate Fee
Abbey's two-year tracker has a maximum LTV of 97%, and is available from 4.74%. It incluides a fee of £499.
The five-year fixed has a maximum LTV of 97%, and is available from 5.34%. It includes a fee of £399.
Two-year tracker
Maximum LTV: 97%
Rate: 4.99%
Fee: £499
Term: 5 year fixed
Max LTV: 97%
Rate:5.44%
Fee: £399
These products are also available to customers buying a new build property.
Other new mortgages from 23 November 2005:
Term: 2 year fixed
Maximum LTV60%
Rate4.69%
Fee £499
Term: 2 year fixed
Maximum LTV60%
Rate4.89%
Fee £499
Term: 2 year tracker
Maximum LTV60%
Rate4.44%
Fee £699
Term: 2 year tracker
Maximum LTV60%
Rate4.34%
Fee £499
Term: 2 year tracker
Maximum LTV60%
Rate4.54%
Fee £499
Abbey's 5 year discount at 4.79% has also been withdrawn and its 2 year fixed rates and 3 year stepped fixed rates increased by 0.10%. Its 5 year fixed rate increased by 0.05%.
Also still available are Abbey’s competitive tracker, flexible, cashback and capped rate mortgages
