Highlights include:
- New choice of 5 year mortgages including the reintroduction of a cashback mortgage and a new variable rate tracker. These complement Abbey’s competitive 5 year fixed rate deals
- 5% cashback mortgage, giving up to £12,000, ideal for first time buyers
- New stepped rate mortgages, starting at as low 3.99%
- Reductions on all fixed rate mortgages - many are now less than 5%
Gary Hockey-Morley, Abbey's Director of Mortgages said: "With no change in the base rate and a flattened housing market, many borrowers are looking for good five year deals. We’re providing a real choice, whether you’re looking for some cashback to help with the initial costs, want a low rate in the first year but can manage stepped rates after that, or just want a great fixed deal.
“Our cashback mortgage could really help first time buyers get on the property ladder more quickly. With no fees and cash paid out on completion this will help ease the financial strain of first time buying. On an average balance of £100,000, borrowers will get £5,000 back in cash, which is a real bonus when taking out a first mortgage.”
And for borrowers looking for a great re-mortgage deal without having to pay any up-front fees, Abbey is still offering its top selling 2 year variable rate tracker, with no fees, from 5.24%.
Abbey’s new mortgage deals are all available from 25 May 2005.
