Abbey has launched a new range of Homebuyer mortgages, which have no upfront costs, and, the lender says, could save borrowers millions of pounds.
The Abbey Homebuyer mortgages will come with no legal or valuation fees, which could save each customer as much as £1,650.
Therefore, a potential total of £65million could be saved, considering that an estimated 40,800 people in England and Wales are expected to buy a house in the next month.
The new range of home loans from Abbey range in price from 3.29 per cent to 5.99 per cent, and include a two year tracker mortgage at 75 per cent loan to value, two year fixed rate mortgages at 70 or 80 per cent loan to value, and a three year fixed rate deal at 85 per cent loan to value.
Not only will the fee-free valuation and legal work make it cheaper for homebuyers, says Abbey, but it will also take some of the hassle out of buying a new home, especially for first time buyers, many of whom will not have already appointed a solicitor.
Commenting on the new range of products, Nici Audhlam-Gardiner, director of Abbey Mortgages, said: "We remain committed to helping first-time buyers get a foot onto the property ladder and the new Homebuyer Plus range of mortgages is yet another example of this.
"We have combined very competitive rates with a massive saving in up front fees and various options for fixed or tracker rates to give first time buyers the options they need."
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