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Abbey mortgages 'help' first-time buyers

22 November 2005
First-time buyers daunted by the prospect of house-buying are being given a helping hand with Abbey's new mortgage deals.

The bank is giving customers two new deals with a higher maximum loan-to-value of 97 per cent plus more competitive rates on its two and five-year tracker products.

Customers opting for a two-year tracker can look forward to a rate of 4.74 per cent while those who plump for the five-year tracker can expect a rate of 5.34 per cent.

Abbey's head of mortgage marketing, Lal Tawney, 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 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."

Customers who want to find out more about Abbey's flexible mortgage deals can approach their local branch or phone the bank direct for more information.

To read more about First Time Buyer Mortgages, click here.

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